VAT- Compulsory on Line Filing
Regional Chartered Accountants Crowther Beard is reminding business owners that HM Revenue and Customs (HMRC) has updated its online service for VAT ahead of new rules which come into force in April. And that from 1 April 2010, businesses with an annual turnover of £100,000 or more (excluding VAT) and all businesses registering for VAT for the first time, regardless of their turnover, will have to file their returns and pay online.
The Daily Telegraph newspaper quoted several chairmen of family companies who were taking steps to limit their exposure to the new higher tax rates, as well as accountants who said many other companies were planning similar moves to pay dividends and staff bonuses ahead of the tax rise.
Chris Hobbs of Crowther Beard said: “HMRC says that the improvements to its online service will make it easier for new users to register and enrol for the service, and to file returns online. Users will also be able to register for email alerts to remind them when their next VAT return is due.
Businesses that already deal with their VAT through the online service can continue to use their existing login details, although they may notice some changes to the pages they use”.
For more information visit www.hmrc.gov.uk/vat/vat-online/ or contact Chris Hobbs CTA Tax Partner at Crowther Beard in Tewksbury.
Tel: 01684 290123
Fax: 01684 290110
Mob: 07740 188436
Email:cjh@crowtherbeard.com
*The author is Tax Partner in Crowther Beard Chartered Accountants, members of the UK200Group with offices throughout the UK and Associates overseas.
