Previously the threshold had been just £2,000
Accountancy Age, 09 Jul 2008
The taxman is to let businesses correct their own VAT mistakes for sums of up to £10,000.
Previously, traders could amend their VAT mistakes for the first £2,000, but from July 1 that will go up by £8,000.
The move means they can amend their mistakes on their next return rather than making a separate disclosure, contractoruk.com reported.
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