| Businesses need to act
now if they have not already registered
for online filing of VAT returns. Under
new rules, existing VAT-registered
businesses with annual turnovers of
£100,000 or more (excluding VAT), and any
businesses that registered for VAT from 1
April 2010 must now file their VAT returns
online and pay their VAT electronically.
The vast majority of traders file their
VAT returns quarterly, and the first
quarterly returns affected by the changes
are those covering April -June 2010, which
– for most online filing customers – must
be filed online by 7 August.
Stephen Banyard, Director of HM Revenue
& Customs (HMRC) Business Customer Unit,
said: “The vast majority of customers
affected by the new arrangements have
already enrolled for HMRC’s VAT Online
service, and many have also filed their
first returns online.
“However, if you’re a VAT-registered
trader who’s affected by these changes,
and you haven’t yet signed up, you need to
take action now.” |
