Wrong figures in seld assessment - what do i do ??

[ronnieb]

Hi
I have just become VAT registered, and because I have been figuring out what goes where, I have realsied that I have made an error on last years self assessment.

Basically I receive all my money theough paypal, and I have been recording the Net amount (what I actually received) instead of the gross amount, and then putting the fees as an outgoing so all my figures are wrong... any advice on how to fix it, I will be sending my payment in december

thanks

[Thistlez]

I am by no means an expert, but I would call them as soon as possible.

I have also made errors in the past with VAT and Self Assessment and have found them extremely helpful. Have the correct figures ready when you phone them and get a reference number.

I have not left it this late to notice an error, but as far as I know the worst they can do is slap a fine on you.

Good Luck

[Mark J Bateman]

Hi Mate

What impact does it have on the accounts ?

If you mean you just have put the net down instead of the gross less commission then its no big deal

What figures are involved PM if you want at markmrtax@tiscali.co.uk

I am sure i can help

Mark

[Joyous]

Hi Ronnie

Just resubmit the return with the correct figures and a covering letter. Provided your return went in on time you have until 31 Jan 2008 to correct a 2005-06 return.

Regards

Joy