VAT Online filing requirements
As you should by now be aware HMRC have announced that paper VAT returns will not be accepted from April 2012. From 1st April 2012 all businesses which are registered (or should be registered for VAT) will need to submit their VAT returns online and make payments electronically.
Making the change
If you are still completing paper VAT returns, you should take the following action now:
– Register and enrol for the VAT online service.
– Talk to Fitzpatrick & Kearney Limited if you want them to submit your VAT Return online and discuss what you both need to do, to ensure you meet the deadline for your first online return.
– Consider whether you need to change any of your business processes for checking and signing off your VAT Return.
– Identify your preferred form of electronic payment (e.g. Direct Debit, internet banking, etc) and set up the necessary arrangements. There are several electronic payment methods to choose from.
You might also want to set up the email reminder service (this is a free service which reminds you when your next online VAT Return is due).
Penalties for non-compliance
The penalties for failing to make an electronic return have been set as follows:
– turnover £100,000 (VAT exclusive) and below – £100 per return
Submitting your VAT Return online
The online VAT Return is very similar to the paper version and there has been no change to the rules on how you complete your return or how you calculate VAT. You won’t have to change your existing record keeping system and you can still keep your records on paper if you prefer.
Signing up to do your VAT online will require internet access. Should you not have internet access, or if you wish Fitzpatrick & Kearney Limited to complete the returns on your behalf and take the hassle out of online filing for you, please contact our office immediately.