I have recently been given a receipt for £200 + VAT for some software the Company purchased relating to buisness start up. This was paid for by the owners. VAT have since been submitted and this has not been included.
If the receipt is dated October, and there has been a VAT return , can I simply include in the next set of figure. Currently I am doing manual books for this trader as this is what they have requested
£200 is very likely to be under the error reprting treshold so you could just adjust your next VAT return accordingly. If the amount would be over £10000 or more than 1% of the box 6 figure you would need a VAT 652 form to report the error. If the purchase has been made before VAT registration you should have claimed it on your first return and as you did not do that it is back again to the first scenario- error correction. If the owners bought the software on their own money it would make it a bit more difficult as you not going to have a VAT invoice issued to the company - so you would not be able to claim. Well, I don't think you could. You must make sure the error is recorded properly in your VAT account.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
