VAT - electronic filing for all
A diary date. HMRC confirmed last month that it will phase out paper VAT returns in just over one year’s time. From April 1 2010 most VAT returns will have to be filed online.
Who’s affected. Some businesses will be allowed to escape online filing for a while longer, but the following will be caught by the new rules:
- those businesses whose turnover is greater than £100,000 (excluding VAT) per annum
- all businesses registering for VAT after March 31 2010, no matter what their turnover is.
Stay of execution. Those businesses that fall outside the above conditions can continue to send paper VAT returns. But HMRC will be reviewing the position in 2012.
Tip. As much as it pains us to say this, we recommend you bow to the inevitable and start filing online VAT returns as soon as possible. It’s better to be dealing with it at your own pace rather than finding out at the last minute that you don’t have the technology or know-how to cope with it.
For further information on how to register for filing VAT returns online, visit http://tax.indicator.co.uk (TX 09.12.08).
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