VAT returns online – will you be ready?
|Category|| Technical - TCN
The regulations to implement compulsory online filing of VAT returns and payment of VAT electronically have come into force for VAT periods commencing 1 April 2010. VAT returns will need to be submitted online and VAT paid electronically if you have an annual VAT exclusive turnover of £100,000. If you register for VAT from 1 April 2010 onwards, you will have to file online from the start, whatever your turnover.
The attached article sets out what you need to know to deal with returns online. An abbreviated version of this article is available in the January 2010 issue of Tax Adviser. Please let the CIOT know if you have any queries or encounter problems with VAT online in the coming months. Please e-mail us at firstname.lastname@example.org with ‘VAT online - FAO Tina Riches’ in the subject line. And finally, good luck.