Compulsory submission of VAT returns online
From 1 April 2012, all remaining VAT-registered businesses – those registered for VAT before 1 April 2010 with a VAT-exclusive turnover of less than £100,000 – will also have to submit VAT returns online and pay any VAT due electronically.
Most of our clients have actually been quite positive about filing returns online as they receive immediate confirmation that the return has been transmitted, it removes the risk of the return being delayed or lost in the post and they get an additional 7 days to file the return. However, the process for setting up your gateway account for this service can be a little confusing especially if you are not particularly experienced with a computer.
If you are still submitting VAT Returns on paper, we strongly recommend that you sign up to using the online service before April 2012, so that you have time to get familiar with the new service. If you need advice on what to do to register online or how accounting packages such as Sage can be configured to submit the information for you, please get in touch with your usual contact at Moore and Smalley who will be happy to help.