No more paper VAT returns
No more paper VAT returns
All VAT-registered businesses will have to file returns online and pay any VAT charges electronically from 1 April 2012.
Businesses with a turnover of less than £100,000 per annum can currently still send in their VAT returns by paper. While those that have yet to move to the online system will not be penalised in the first year of implementation, the taxman has warned that any paper applications may be subject to a substantial delay.
If you do not already have an online account, you will be required to create one in order to apply for VAT registration as well as to register for other taxes. A series of questions will determine your eligibility for VAT registration and your VAT registration will then be verified automatically. A secure email will confirm within 72 hours whether or not your request has been accepted.
Paying online should mean that your VAT is dealt with more quickly and efficiently and, in most cases, it should afford you extra time to submit your return.
Submitted by MSB Accounting on Thursday 10th November 2011