From April 1, if your company has an annual VAT exclusive turnover of œ100,000 or more, you need to do your VAT returns online and pay your VAT electronically. This applies to VAT Returns that cover accounting periods starting on or after April 1st 2010. Any business registered for VAT on or after that date will also have to file online and pay electronically not matter what their turnover is. If your annual turnover was œ100,000 or more on December 31 2009, HMRC should have sent you a letter in February 2010. The letter should have explained how you can register and complete your online form. There are many advantages to doing your VAT online including automatic calculations to avoid mistakes and 24/7 access. The form you fill in is exactly the same online as it is in paper form so if you re experienced in filing VAT forms before, it is very straightforward. You will also receive an onscreen acknowledgment to confirm you VAT form has been received. So what do I need to do next? ? Register and enroll for the VAT online service. Once you have done this, HMRC will send an activation PIN within seven days through the post. ? Talk with your financial management professional to see if they will be submitting your VAT Return online on your behalf and what you be required to provide for them to ensure they can complete this in good time before the deadline to avoid unnecessary fines. ? Choose how you will want pay your VAT electronically, for example direct debit, and set up the processes to do so. ? Sign up to the email reminder service. This is a free service that will remind you when your next VAT Return is due. This can set up once you have registered online and have a live account. ¯
Covid-19 (Coronavirus) Update
Coronavirus is having a huge impact on all sectors of business. Despite this, businesses are still having to manage their books, file VAT returns, run payrolls and most importantly their credit control processes. TFMC is continuing to provide our full range of services through this difficult time. For the latest information and support visit our Blog section or use our app with regular updates sent direct to your phone.