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Correcting VAT Return errors

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Correcting VAT Return errors

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by JillyB.
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    Posts
  • August 15, 2023 at 9:48 pm #689993
    Puiman
    Participant
    • Topics: 4
    • Replies: 10
    • ☆

    Do I understand right that if you over-reclaimed input VAT (£200) in a previous VAT return, then you would need to adjust the current VAT return by reducing Box 4 figure by £200, correct? And NOT increase Box 1 figure by £200. Just want to confirm I understand correct that input VAT-related errors are adjusted in Box 4 and output VAT-related errors are adjusted in Box 1.

    Thank you

    August 18, 2023 at 6:00 pm #690184
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    In this exam you will not be given a VAT form to complete.
    Just learn the information relevent for the exam.

    This may not be applicable in reali life but the exam is what’s important at this stage

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