Online VAT return reminder
HM Revenue & Customs (HMRC) has issued a reminder to businesses affected by new online filing requirements for VAT returns.
Under the new rules, existing VAT-registered businesses with annual turnovers of £100,000 or more (excluding VAT), and any businesses which registered for VAT from April 1, 2010, now have to file their VAT returns online and pay their VAT electronically.
The vast majority of traders file their VAT returns quarterly, and the first quarterly returns affected by the changes are those covering April to June 2010, which – for most online filing customers – must be filed online by August 7.
Customers wishing to sign up for the VAT Online service should go to the HMRC website – www.online. hmrc.gov.uk / registration.htm – and follow the instructions.