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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3816
Experience:  FCCA FCMA CGMA ACIS
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I am in a state of panic, I have made a mistake in my

Resolved Question:

hello, I am in a state of panic, I have made a mistake in my calculations and my tax return has been submitted, I have been doing self assessment for 21 years and this is the first time, I have gone over the vat limit, I have made mistake as said and I am no making myself ill worrying about, should I register straight way
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.

Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

Customer: replied 10 months ago.
thank you, ***** ***** so worried
Customer: replied 10 months ago.
not sure if you there could you say
Customer: replied 10 months ago.
ok that's fine we will carry on
Customer: replied 10 months ago.
are you there keith, sorry
Customer: replied 10 months ago.
are you there keith so sorry
Expert:  bigduckontax replied 10 months ago.

Sorry the system has completely lost my reply to your question. I cannot offer the phone service as I am answering you from a location 6000 miles from the UK so it would be a tad expensive. You are merely in the Dad's Army 'Don't Panic! situation.

If you have made an error in your tax return all you need to do is advise your tax office of any amendment needed to correct the position. It is as simple as that and you can do it by letter.

Now as to VAT that is handled by a different part of HMRC. If your aggregated turnover of standard, reduced or zero rated supplies exceeds 83K in any one year then you must register for VAT, charge it on your invoices, account for same, and, of course, reclaim any input tax suffered from business purchases of supplies and services.

I do hope that you have found my reply of assistance and helped set your mind at rest.

Customer: replied 10 months ago.
hello, thanks for this, so the best thing to do is register now yes, would this be a good thing, I really made a mistake it was in January this year when I went over, only just found the mistake, would I have to pay the vat owing from then until now, this is what I am really worried about
Customer: replied 10 months ago.
still so worried about getting into huge trouble, 21 years and its one mistake
Expert:  bigduckontax replied 10 months ago.

Yes, you will have to settle any output tax, but you have any input tax to reclaim plus, if your customers are themselves VAT registered, you can issue revised invoices including the tax, they can reclaim as an input and the only piggy in the middle will be you who will have to pay HMRC the tax collected on the revised invoices.

I can't offer the phone call service as I am replying to you from a location 6000 miles from the UK and it would be a tad expensive!,

Customer: replied 10 months ago.
the customers are home people, so they would not be vat, this is making me ill, so ill sorry, do I register now
Expert:  bigduckontax replied 10 months ago.

You must register if your turnover reaches the 83K threshold in any one year, otherwise there is no requirement.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 10 months ago.

Thgank you for your support.

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