On-line filing of VAT Returns
As you may be aware from April 1st 2010 it will be compulsory for businesses with an annual turnover of £100,000 to file their VAT Return online, and ideally pay by direct debit. All new VAT registrations irrespective of turnover must file and pay online.
Businesses will need to register their VAT number and bank details at HM Revenue & Customs secure website.
The advantages of doing this are:
- An extra seven calendar days to file the Return online.
- An extra three working days before the direct debit is taken.
Returns that show a refund however must be filed within the usual 31 day period.
These changes are effective from April 1st 2010, but it is no joke! There will be warning letters, then penalties for those businesses that are required to file online but fail to do so.
Please also remember the VAT rate will increase from 15% to 17.5% on 1st January 2010.
Contact Geoff Tabord if you require further advice or assistance.