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New VAT filing system due to come into effect. Pearson May News Update - Thursday 27 August
- New VAT filing system due to come into effect
- Small firms invited to take part in huge survey
- Pay rises slip to record low
New VAT filing system due to come into effect
HM Revenue and Customs (HMRC) has reminded businesses that new rules on how VAT returns are submitted and payments are made will be coming into force next year.
Under the changes, HMRC intends to phase out paper VAT returns from 1 April 2010.
Businesses with an annual turnover of £100,000 or more, excluding VAT, and all newly registered VAT businesses will need to submit their VAT returns online and make payments electronically.
Those businesses that are already VAT registered and have a turnover below the threshold will still have the choice to use paper returns, although the option is to be reviewed in the run up to 2012.
Businesses can find out more about filing VAT returns online by visiting http://www.hmrc.gov.uk/vat/vat-online/index.htm
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