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VAT online service gets update. Pearson May News Update - Wednesday 25 November
- Reforming tax system could 'close' budget deficit gap
- More employees than ever planning to work longer
- VAT online service gets update
VAT online service gets update
HM Revenue and Customs (HMRC) has said that its VAT online service has been updated in preparation for the new rules coming into force next April.
As from 1 April 2010, businesses with an annual turnover of £100,000 or more (not including VAT) and all businesses that newly register for VAT, whatever their turnover, will have to file their returns online and pay electronically.
To get its systems ready for the changes, HMRC is introducing a new online VAT service.
The tax authority said that businesses that currently deal with their VAT through the online service can continue to use their existing login details but that they may notice some changes to the screens.
HMRC said that the improvements to the online service will make it easier for new users to register and enrol for the service and to file VAT returns online. They will also be able to set up an email reminder to let them know when their next VAT return is due.
More details about the new rules can be found at http://www.hmrc.gov.uk/vat/vat-online/index.htm
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