HMRC issues #VAT reminder
HM Revenue and Customs (HMRC) has published a reminder that businesses, whatever their turnover, which registered for VAT on or after 1 April 2010 must submit their returns online and pay any VAT due electronically. By April 2012 this will apply to all VAT- registered businesses.
Businesses must submit their VAT Returns online and pay any VAT due electronically if they registered for VAT before 1 April 2010 and had an annual VAT-exclusive turnover of £100,000 or more for the 12 months ended 31 December 2009 or if they registered for VAT on or after 1 April 2010, irrespective of their turnover.
In the case of the first group, businesses must continue to submit all their VAT returns online (including nil and repayment returns) even if turnover drops below £100,000 in the future.
From April 2012, all remaining VAT-registered businesses, that is those registered for VAT before 1 April 2010 with a VAT-exclusive turnover of less than £100,000, will be required to submit VAT Returns online and pay electronically.
HMRC said that, even if a business doesn’t yet have to submit online returns and pay electronically, it makes good sense to sign up to using the online service before the 2012 deadline.