VAT is moving online
11/02/2010 send to a friend
The good people at HM Revenue & Customs have been in touch to let us know that filing VAT returns will happen online from April 2010 for businesses with a certain turnover.
Value Added Online
From April 2010, if you have an annual VAT exclusive turnover of £100,000 or more you will have to do your VAT returns online and pay your VAT electronically. Also, if you register for VAT from 1 April 2010 onwards, you’ll have to file online from the start, whatever your turnover.
But don’t worry, it’s the same form and the process is secure.
Doing your return online helps reduce errors, provides automatic calculations and with an on-screen acknowledgment that it’s been received you don’t have to worry. What’s more, its available 24 hours a day, seven days a week, so you can do your return at a time that suits you.
If you’re using HMRC Online Services for the first time, you will have to register for an online account.
For more information, visit www.businesslink.gov.uk/vat
For further help, watch the video guide on the basics of VAT at www.businesslink.gov.uk/hmrctaxhelp
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Comments
Author: Robert Killington
Date: 11/02/2010
Comment: I recommend that any VAT registered business uses the online service to submit its VAT returns and pay the VAT it owes electronically. There's no need to wait for it to become compulsory!
I submit my returns online and pay the VAT due by direct debit.
Website: http://vatark.co.uk/
Author: Kate Cobb
Date: 12/02/2010
Comment: I agree. I hav been using the online system since last autumn and it's very simple once you have registered to use the online service; they even calculate the amount you need to pay for you! I think you also get an additional 7 days after the deadline if you declare on line (though am not sure) which helps if you forget!
It's a good service for business owners.
Website: www.movingforwardyourway.com