From 1/4/2010 all VAT registered businesses with turnover that exceeds £100,000 (excluding VAT) and all new VAT registered business will need to submit their VAT return online and pay the VAT electronically.
The online VAT return is similar to the paper version and there are no changes in the VAT rules. Further you will not need to change your record keeping system regardless of whether you maintain electronic or manual recording system.
Signing up for online VAT returns is straight forward. All you need to do is register on HMRC website.
Additional benefits of online VAT return is that you will receive an email reminder letting you know when you next VAT return is due. Further you get extra seven days (in addition to the usual month) to submit the return and ensuring your payment received by HMRC.
If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.
Leave a Reply