The limits for correcting errors without disclosure, i.e. by adjusting the next return, are to be increased in relation to VAT, Insurance Premium Tax, Air Passenger Duty, Landfill Tax, Climate Change Levy and Aggregates Levy. The changes, which come into effect from 1 July 2008, effectively increase these limits to £10,000 (from £2,000) for all businesses, with a sliding scale operating for larger businesses up to a maximum of £50,000. This is welcome news for larger businesses and should reduce the compliance costs of administering and collecting these taxes.
Correction of errors
