Previously the threshold had been just £2,000
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.
Further Reading:
Read the
contractoruk.com
piece
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleUK landowners face both opportunity and risk when shifting land from agriculture to development. In this article, Naomi Stewart, Head of Tax at Shaw G...
View articleHMRC has officially ruled out plans to introduce Making Tax Digital for Corporation Tax, confirming the shift in its July 2025 Transformation Roadmap....
View articleAs the new CEO of RCK Partners, James Gibson isn’t chasing scale for its own sake. In a sector battling credibility issues, he’s betting on better jud...
View articleThe UK tax gap held steady at 5.3% in 2023–24, translating to £46.8 billion in unpaid taxes, according to the latest HMRC statistics. While the percen...
View articleWorcestershire-based accountancy firm Ballards LLP has been shortlisted for three categories at the Tolley’s Taxation Awards 2025. The firm, which ope...
View articleChancellor Rachel Reeves has ruled out any increases to UK wealth taxes in the upcoming Autumn Budget, putting an end to speculation over potential hi...
View articleUK small businesses are facing an annual tax compliance burden nearing £25 billion, according to recent findings by the Federation of Small Businesses...
View articleBusinesses across the UK should prepare for several significant tax changes coming into effect from 6 April 2025, according to the ICAEW. While some o...
View article