Business News
New rules to filing your VAT return online
You may have recently received a letter and rather fancy brochure from Mr. VATman, which officially notifies your business or company to file its VAT return online or face a fine.
Changes were recently made to the VAT process, which mean that businesses with a turnover of £100,000 or more in the year ending 31st December 2009 are legally required to file their VAT returns online, rather than in paper form from the 1st April 2010.
Therefore, any VAT returns you submit after March 2010 will need to be filled out online. In addition, if you are a new business who registers after 1st April 2010, you will be required to submit all your VAT returns online regardless of your turnover.
Plans are also afoot at VAT headquarters to transfer all VAT returns to the online form by 2011, so even if you are lucky enough to have missed this recent round of changes, be warned – he is coming!
Luckily, Suretax Accounting is on hand to assist with the online filing of VAT returns. Whether submitting the form or a fully outsourced book keeping function, we can help you navigate the minefield of potential problems and avoid all the all important late fines!
