As of 1st April 2012, it will become a legal requirement for all VAT registered businesses to submit their VAT Returns online. Businesses will also have to pay any VAT due electronically as of this date too.
If you currently use a commercial software package to prepare your VAT Returns, this may have already been developed to submit your VAT Return directly to HMRC; you should confirm that this is the case with your software provider.
For those businesses that don’t use commercial packages to prepare their VAT Returns and calculations, you can submit your Return using HMRC’s website – www.hmrc.gov.uk. You will have to register as a user if you have not already done so, and once you have an account set up you should activate the option to use the VAT section of their website. You’ll need various pieces of information such as your VAT registration number, and the date you became VAT registered – you may need to dig out your VAT certificate!
Online filing of VAT Returns will not be new for a lot of businesses; it became compulsory for businesses with a turnover of over £100,000 to file their VAT Returns electronically as of 1st April 2010, and it was also compulsory for any newly VAT registered businesses from this date too, no matter what their turnover.
For further advice regarding VAT, or filing your Returns electronically, please contact Axel on 01565 755255, or email us at blog@axel.co.uk.
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