From April 2012, all VAT registered businesses that are not already registered online will be legally required to submit returns online and pay VAT electronically.
All newly registered and existing businesses with a turnover of more than £100,000 have been legally required to submit their VAT Returns online and pay electronically since April 2010.
Now, all remaining VAT registered businesses will now have to register online, except for a very small number that are exempted. You may be exempted if either of the following applies, however you should contact HMRC if you are unsure:
• You are subject to an insolvency procedure – but if you’re subject to an approved Voluntary Arrangement, administration or trust deed you may submit online if you want to
• HMRC is satisfied that your business is run by practicing members of a religious society, whose beliefs prevent them from using computers
Businesses will face a penalty if they are required to submit an online return but submit a paper return instead. The penalty amount will depend on the annual turnover of the business, based on the figures up to and including those on the paper return which triggered the penalty.
Champion Accountants is offering a ‘Submission and Set’ up service for clients who require help with the registration process.Please contact a member of the Team at your local Champion office and we will be happy to guide you through the process.
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