Business News

August 2010

Online VAT Deadline Looming

Businesses need to act now if they have not already registered for online filing of VAT returns.

Under new rules, existing VAT-registered businesses with annual turnovers of £100,000 or more (excluding VAT), and any businesses that registered for VAT from 1 April 2010 must now file their VAT returns online and pay their VAT electronically.

The vast majority of traders file their VAT returns quarterly, and the first quarterly returns affected by the changes are those covering April -June 2010, which – for most online filing customers – must be filed online by 7 August.

Stephen Banyard, Director of HM Revenue & Customs (HMRC) Business Customer Unit, said: “The vast majority of customers affected by the new arrangements have already enrolled for HMRC’s VAT Online service, and many have also filed their first returns online.

“However, if you’re a VAT-registered trader who’s affected by these changes, and you haven’t yet signed up, you need to take action now.”

LINKS

Sign up for the VAT Online service at: www.online.hmrc.gov.uk/registration.htm
More information on the registration process: www.hmrc.gov.uk/vat/vat-online/index.htm.