For VAT periods starting on or before 1 July 2008 errors do not have to be disclosed if their total value is not more than £2,000. From 1 July 2008 this limit went up to £10,000, except for businesses with a turnover of more than £1 million. For these larger businesses, the limit is 1% of turnover up to a maximum of £50,000.
Remember there will be no penalty if you took reasonable care but made a genuine mistake.
Some mistakes happen because small business owners don’t use bookkeeping software to maintain their records, excel really is not a suitable alternative!
If you are not using our £FREE online bookkeeping solution powered by winweb maybe now is the time to start. If you are not a client of Holden Associates, maybe you should be?
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