vat online

We are reminding VAT registered businesses that all VAT returns must be submitted online from 1 April 2012.  Currently, only newly registered businesses and those with turnovers of more than £100,000 have to submit their VAT online, as well as pay electronically.  Anyone else can send HM Revenue & Customs a paper VAT return but this all changes in the Spring. 

There will be penalties ranging from £100 to £400 for each return submitted by paper instead of online.  Penalties will only apply for periods ending on or after 31 March 2013 for businesses that are required to submit their VAT returns electronically from 1 April 2012.  The penalties already apply for businesses that were required to register online from 1 April 2010.

Jo White
Tax Consultant
Email: jowhite@spofforths.co.uk
Tel: 01403 253 282