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MTD horror tale
Key points
- The move to MTD may result in unexpected VAT errors.
- Errors of less than £10 000 on past returns can be included on the next return.
- HMRC says there is no legal requirement to use the VAT652 to correct errors.
- Bespoke letters can better describe the circumstances.
- It may be helpful to explain to HMRC the measures taken to avoid similar mistakes in the future.
It had to happen. I have been sympathising with accountants for many months about the potential car crash situation of clients being let loose on accounting software for the first time following the introduction of making tax digital (MTD) for VAT in April 2019. I thought smugly that I would never have to deal with similar problems; how wrong I was.
To cut to the chase I encountered a problem with the records of a limited company. The...
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