Currently, only newly-registered businesses and those with turnovers of more than £100,000 have to submit VAT online, as well as paying electronically. Anyone else can send HM Revenue & Customs (HMRC) a paper VAT return, if they wish. From April, all 1.9 million VAT-registered businesses in the UK will have to submit their VAT returns online, and pay electronically, for accounting periods beginning on or after 1 April 2012.
Every VAT-registered trader not already required to submit online will receive a letter from HMRC in February, advising them of the change, and what steps they need to take. HMRC says the move to online filing and payment will bring benefits including:
- an automatic acknowledgement that a return has been received
- an email alert to remind you when your next online return is due - after April HMRC will stop sending out paper returns to customers who are now required to submit online).
If you want more information then please contact accountants in Lichfield.
Link: HMRC guidance
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