Changes will come into force this year regarding the submission and payment of VAT returns which may affect businesses not already registered online…
Since April 2010, businesses have been required to submit VAT returns online and pay any VAT due electronically if either of the following applies:
• The business was registered for VAT before 1 April 2010 and had an annual turnover of £100,000 or more for the 12 months ended 31 December 2009.
• The business was registered for VAT on or after 1 April 2010 (regardless of its turnover).
From April 2012, all remaining VAT registered businesses that are not already registered online and that have a turnover of under £100k will also be required to submit returns online and pay VAT electronically.
Despite there being some time until the deadline, HMRC strongly recommends that businesses sign up to using the online service as soon as possible. Aside from saving time, in most cases the online service will allow extra time to submit the return and pay the VAT due.
For more information, please contact a member of the Tax Team at your local Champion office.
Blackpool 01253 621 512
Chester 01244 404 420
Manchester 0161 703 2500
Preston 01772 735 000