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As of 1 April 2012, all VAT-registered businesses will be required to send their VAT returns online and pay their VAT electronically. Currently, only newly registered businesses, and those with turnovers of more than £100,000, have to file and pay their VAT online. The new rules will cover VAT returns filed for accounting periods beginning on or after 1 April 2012.
The HMRC advises: “If you’re not already filing your VAT online, switching now makes sense. By doing this, you’ll avoid a last-minute rush, and be able to enjoy the benefits of online filing sooner rather than later.”
For more information, or to register for the HMRC’s VAT Online Service, visit www.online.hmrc.gov.uk or call 0845 010 8500.