HMRC are advising businesses that new rules on how VAT returns are submitted and payments are made will come into force next year. Paper VAT returns will be phased out from 1 April 2010.
As a start of this phasing out process, businesses with:
- VAT (exclusive) annual turnover of £100,000 or more, and all newly registered VAT businesses will need to submit their VAT returns online and make payments electronically from April 2010.
- Those businesses that are already VAT registered, with a turnover below the threshold, will have the choice to use paper returns but this will be reviewed by 2012.
Please do get in touch if you would like any further advice in this area.
All current clients will be contacted about the changes and we are already dealing with the change over on their behalf