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Over the next few years, the government
will be changing the way business owners
have to manage and pay some taxes, and
making it compulsory to file certain
returns and forms online. The taxes that
are moving to compulsory online filing
are:
- end-of-year and in-year PAYE (Pay As
You Earn) forms for employers
- VAT
- Corporation Tax
It is already possible to manage all of
the above taxes online and many businesses
do, but a timetable has now been put in
place for filing online to become
compulsory – so it makes sense to start
getting used to the systems now.
For businesses with 50 or more
employees, it is already mandatory to
deliver certain information online.
Smaller firms will have to file their
end-of-year forms online by April 2010 at
the latest, and filing in-year forms will
become compulsory from April 2011.
VAT management will be switching to
online filing and electronic payment only
from April 2010, for companies registered
on or after that date, as well as any
company with a turnover of £100,000 or
above.
Company Tax Returns and supporting
documents need to be supplied in
Extensible Business Reporting Language (XBRL)
from 31 March 2011, relating to periods
ending on 1 April 2010 or later.
Individual companies are responsible for
ensuring their software systems can cope
with this, and tax returns not in the
correct format will be treated as not
having been delivered.
Barnes Hunter is used to working with
the latest technology and is already
working to help clients adjust to the new
systems. For more advice about filing and
paying tax online, please
contact us. |
