Small businesses that do not currently fill in their VAT returns to HMRC online will need to do this from April 2012 (this year!).
The new system aims to make the process more efficient, including automatic acknowledgements and email alerts, than the current paper-based system.
What happens at the moment?
HMRC says, “Currently, only newly-registered businesses and those with turnovers of more than £100,000 have to submit their VAT online, as well as pay electronically. Anyone else can send HMRC a paper VAT return, if they wish’.
What will change?
According to HMRC, ‘all 1.9 million VAT-registered businesses in the UK will have to submit their VAT returns online, and pay electronically, for accounting periods beginning on or after April 1st 2012’.
Worried about online VAT returns? TI Payroll & Accounting can help
If you own a small business and VAT returns send you out in a rash, why not ask a specialist accountancy service to deal with for you?
If this includes you, you can stay ahead of new VAT rules with TI Payroll and Accounting. They have always been streets ahead when it comes to sorting out VAT returns for small businesses.
So if you don’t want your first online VAT return to return even quicker than you sent it, contact TI Payroll & Accounting for a friendly and professional service.