VAT Returns Move Online April 1, 2010

VAT Returns Move Online April 1, 2010

A year of change as far as VAT’s concerned.  From 1st April 2010, VAT registered businesses with an annual turnover of £100,000 or more (exclusive of VAT), and all businesses newly registering for VAT (irrespective of turnover) will have to file their VAT returns online and pay any VAT due HM Revenue & Customs using an approved electronic method.

Businesses who fail to comply face stiff penalties.  To avoid last minute panics and missed deadlines, HM Revenue & Customs recommends you go online now!  As a first step, you will need to register and enroll for ‘VAT Online’.  You can view a demonstration of how to do this on the .  Once enrolled, you’ll be able to file your VAT return immediately – provided one is due of course!

When you file online you must pay any VAT due electronically.  HM Revenue & Customs has approved the following payment methods:

  1. Direct Debit;
  2. Internet or telephone banking;
  3. BACS Direct Credit;
  4. Billpay using a debit or credit card over the Internet;
  5. CHAPS transfer; or
  6. Bank Giro credit transfer (for payments by cash or cheque at a bank or building society).

** Additional Information & Advice About VAT & UK Tax Law**

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Alternatively, you may prefer to .  You can  for free via , which can also help you to understand the best course of action for your situation and whether you are ready to .

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