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Businesses reminded of new VAT filing regime

HM Revenue & Customs (HMRC) has issued a reminder to all VAT-registered businesses, regarding forthcoming changes to the system for filing VAT returns.

The new regime will require all VAT-registered businesses to submit their VAT returns online, and pay electronically, for periods starting on or after 1 April 2012.

Prior to this date, only newly-registered businesses and those with turnovers of more than £100,000 had to submit their returns online.

However, paper returns will now be a thing of the past, and businesses looking to file their VAT returns online will need to register and enrol for HMRC’s VAT Online Service.

We can help with all your tax planning needs, including filing your tax returns on your behalf. Please contact us for further assistance.