Warning: retrospective reduction in the price of supply

The law is prospectively to be amended from September 2019 to cover the treatment of supplies where there was a retrospective reduction in the price, in particular when VAT returns must be adjusted, and credit notes issued.

Methods of correcting errors on VAT returns

If a person discovers that an error has been made in one or more of his earlier returns, he must consider:

(1)whether the error is out of time under the four-year cap and so cannot be corrected (¶55-250); and

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