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 HM Revenue & Customs website. 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:
- Direct Debit;
- Internet or telephone banking;
- BACS Direct Credit;
- Billpay using a debit or credit card over the Internet;
- CHAPS transfer; or
- Bank Giro credit transfer (for payments by cash or cheque at a bank or building society).
** Additional Information & Advice About VAT & UK Tax Law**
Alternatively, you may prefer to speak with a tax lawyer. You can find a solicitor specialising in tax for free via solicitor matching services, which can also help you to understand the best course of action for your situation and whether you are ready to hire a solicitor.
VAT related entries:
- VAT Rate Will Return To 17.5% From January 1, 2010 (FindLaw – August 25, 2009): discusses recent return to and rationale for 17.5% VAT rate.
- UK VAT Rate: Government Announces 15% Rate Will Extend Into 2010 (FindLaw – November 4, 2009): deals with short extension of 15% rate into 2010 for a limited range of businesses.
- VAT Returns: Businesses Prepare For Major Filing Changes In 2010 (FindLaw – December 3, 2009): discusses upcoming change to filing returns online.
- Pre-Budget Report 2009: Key Tax & Benefits Provisions (FindLaw – December 11, 2009): highlights major tax & benefits provisions in the 2009 PBR.
- VAT Rate May Increase To 20% In 2010 (FindLaw – November 20, 2009): discusses potential increase in VAT to 20% to pay off the budget deficit.
- UK VAT Rate Rumours Rumble On (FindLaw – January 14, 2009): provides update on increasing VAT to 20%.
- Tax Payment Interest Rates Set To Rise (FindLaw – September 22, 2009): documents the increase in the interest rate charged on late payments of tax and paid on overpayments of tax.
- UK Businesses Given More Time To Pay Taxes (FindLaw – August 18, 2009): discusses the Business Payment Support Service and how it helps struggling businesses pay tax.
- FindLaw Tax Law Blogs Archive: archive of the fifteen most recent tax law blog entries.
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