Posted by Tax Innovations on 30 Mar 2012

From 1 April 2012, all VAT-registered businesses will have to file their VAT Returns online. Businesses will need to register for HMRC’s VAT Online Service before filing their first online Return. It is important not to leave this until the last minute because it can take a few weeks to receive the unique user ID that you need.

Businesses will no longer be able to pay the VAT due by cheque. Payment will have to be by direct debit, bank transfer, a personalised bank giro payment slip paid in at a bank (these have to be ordered in advance) or by a debit or credit card over the internet. HMRC will now accept payments by the faster payments service. However, many bank accounts can only pay out up to £10,000 by electronic payments in one day, so a business may have to spread the payment over several days.

We can file your VAT Return electronically on your behalf once your business has registered with HMRC. We will need all your VAT information in good time before the VAT Return is due so that we can deal with the Return well before the deadline.

If you need advice on the above points please contact us on 01962 856 990 or email customerservice@taxinnovations.com