Small businesses in Shropshire will need to file VAT returns
electronically from the start of April - regardless of their
turnover.
And Shrewsbury-based accountancy firm Dyke Yaxley today urged
companies to make sure they were fully informed of the new rules,
and set up for the change.
"More than 370,000 small businesses across the UK have already
signed up to the online system voluntarily," said Dyke Yaxley
spokesman Julie Selley.
"Online payments are already mandatory for companies with a
turnover of more than £100,000, but from April, any business
which is VAT registered will have to submit their returns
electronically, regardless of turnover."
HM Revenue and Customs has been encouraging all VAT-registered
businesses to switch from paper returns to online filing.
Registered businesses receive regular email alerts to remind them
each time a return is due.
Julie added: "Even if you don't yet have to submit online
returns and pay electronically, HMRC strongly recommends you sign
up to using the online service before the start of next year.
"Using the online service saves you time and, in most cases,
will give you extra time to submit your return and pay the VAT
due."
She added: "It is easy to sign up, but if you do need help, the
HMRC website, www.hmrc.gov.uk, has guides for beginners. There is
also an online demonstration available, allowing you to view what
the online service looks like."
What if your business doesn't have a computer? Julie said: "You
are still required to submit your returns online from April 2012,
so you need to start thinking now about the options available.
"You also need to decide which electronic payment method best
suits your business. There are lots of methods to choose from - but
bear in mind that HMRC currently does not receive or make payments
using the Faster Payments Service offered by some banks."
For more information about Dyke Yaxley, please visit their
website here: www.dykeyaxley.co.uk