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Errors on returns for certain indirect taxes (including
Value Added Tax (VAT), Insurance Premium Tax (IPT), Air Passenger Duty (APD),
Landfill tax (LFT), Climate Change Levy (CCL) and Aggregates levy (AGL)) can
be corrected on subsequent returns where the error is below a certain limit.
This alleviates the need for businesses to make a voluntary disclosure to
HMRC.
For accounting periods commencing on or after 1 July 2008, these limits will
increase.
For example, for VAT the limit will change (from £2,000) to the greater of:
subject to an upper limit of £50,000.
Our view
These changes, which mitigate the number of voluntary disclosures which
need to be made for relatively small amounts of tax, are to be welcomed. |
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