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HMRC internal manual

VAT Assessments and Error Correction

HM Revenue & Customs
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Section 73(1) and 73(2) assessments: Definition of under declaration and over declaration

There can be no under-declaration or over-declaration in a tax period unless a return has been submitted for the period.

In any single tax period an under-declaration or over-declaration is the net amount of all errors that you have discovered in that period.

Under-declarations of liability and over-declarations of liability are expressions defined in Part V - Accounting Payment and Records, Value Added Tax Regulations 1995.

Regulation 34(2) says;

‘In this regulation’