Pictured: Phil Luty
Dains, Midlands based Chartered Accountants and Business
Advisers are warning businesses that HMRC has announced that VAT
returns covering periods ending after 31 March 2012 will have to be
submitted online rather than in paper form.
Phil Luty, VAT Director at Dains said "Since 1 April 2010 most
VAT-registered businesses have had to submit online returns and pay
electronically. At the moment, the only businesses which have been
exempt are those that have been registered for a long time and have
an annual turnover of below £100,000, although they too will
have to file online from April next year".
"The benefits of moving to an online return is that you get a
further 7 days to submit your return"
Penalties for not submitting online returns start at £100
and increase according to annual turnover. It is therefore
important for all VAT registered businesses to register for online
services via HMRC's website in good time to meet these new
requirements.
Dains can submit the online return on your behalf to help ensure
all filing and payment deadlines are met. Please contact Phil Luty
on 0845 555.
For more information on Dains, please visit their website
here: www.dains.com