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Still doing your VAT Return on paper?

by Robert Killington on August 11th, 2010

You may know that VAT registered businesses with a turnover of more than £100,000 per year had to start doing their VAT Returns online from April 2010. HMRC has just announced that all other businesses that do paper VAT Returns will have to move to online Returns in 2012.

There are many benefits to doing your VAT Return online:

  • You get an extra seven days to submit the Return;
  • You can get extra time to pay it too: if you pay by direct debit the money is collected 11 days after the due date.
  • You get a receipt immediately when it is submitted. No more wondering whether it will arrive in time.

    • If you still do your return on paper consider moving to online returns. It is simple and easy to do.

    You will need to register for the online VAT service on HMRC’s website. You will be sent a PIN (by post) so you can activate the service. After this you need to set up the payment system – allow a couple of weeks at least to get a direct debit set up. This means you should do this in good time before your next VAT Return is due.

    You can always ask your bookkeeper or accountant to do this for you.

    I’d love to hear your views or questions on this in the comments section below.

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    From → Information, News, VAT

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