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
Ask the Tutor ACCA TX-UK
Correcting VAT Return errors
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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