HMRC announces tax correction threshold increase plans

HM Revenue & Customs (HMRC) has announced plans to allow businesses to correct their own errors of up to £10,000 on their VAT returns. The new VAT period beginning 1 July 2008 will see HMRC raise the current £2,000 limit to £10,000. If taxpayers discover an error of up to £10,000 on their previous tax returns, they can simply amend on their next return and not disclose it separately to HMRC.

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