HM Revenue & Customs plans to phase out paper VAT Returns from April 2010. After that date, if your turnover is over £100,000 - or if you are newly VAT registered - you will have to submit your return online and pay VAT electronically.
It is likely that in the near future all VAT registered businesses will have to pay and file electronically.
However, it has been our advice for some years now to follow the online route voluntarily as there are a number of advantages:
- Online submission means there are no postal delays to worry about.
- Online submission provides on-screen information to assist you with the correct completion of the Return. There are also automatic calculations and checks to reduce errors. This reduces the number of instances of Returns being rejected due to the need for correction or clarification.
- VAT online services use secure communications for all messages sent to and received from you.
- With online submission you don't need to worry about missing your deadline because of loss or delays in the post, either when the form is sent to you or when you send it back to HMRC.
- You receive immediate acknowledgement of successfully submission.
- Often refunds due are dealt with more quickly and additional time is given to pay any VAT liability that may exist.
Watling & Hirst can assist you with all aspects of your VAT affairs, including registering for online filing as well as VAT registration, completion of Returns and detailed VAT planning. Please do not hesitate to contact us if you would like any assistance with regard to the above.
|