Registered to pay VAT online
Wellden Turnbull accountants are reminding businesses that they will have to file their VAT returns online and pay any money due electronically for VAT periods starting on or after 1 April 2010.
The new requirements apply to all businesses with a turnover of £100,000 or more (excluding VAT) and any business which registered for VAT for the first time, regardless of turnover, on or after that date.
Robin John from Wellden Turnbull said “Since most businesses submit their returns on a quarterly basis, firms are being reminded that the first tranche of returns affected by the new rules cover the period from April to June 2010. Those returns must be filed online by 7 August 2010”.
HMRC has recently upgraded its online services, which has made it easier for new users to register and file returns online, with the electronic return designed to be similar to the old paper form. Users can also register for email alerts to remind them when their next VAT return is due.
Businesses that already deal with their VAT through the online service can continue to use their existing login details, although they may notice some changes to the pages they visit.
An online VAT account can be set up at any time, but must be done in time to file the first VAT return online. Any company which meets the above criteria but does not file online may face a fine.
Anyone who already files online but does not pay electronically must make arrangements to switch to direct debit, BACS or online payment. HMRC’s bank details for VAT payments have also recently changed, and as of 29 January 2010 are: account number: 11963155, sort code: 08-32-00. Traders should quote their nine-digit VAT registration number as their payment reference.
For further enquiries please call Katie Smith on Tel: 01932 584787 or email k.smith@wtca.co.uk