HMRC Pushes for Online Vat Submissions
HM Revenue and Customs (HMRC) are urging new businesses which need to register for VAT to do it online, in an effort eventually drop the option of paper based submissions.
Apart from being more secure and faster to complete, online VAT submissions (and the associated acknowledgement) eliminate the problem of postal losses or delays.
If a new business applies for VAT registration online, they are now automatically enrolled for the VAT Online service, allowing online returns to be completed. In addition, your certificate of registration will be available to you online.
HMRC has also updated its Online VAT service, allowing businesses to change their VAT registration details as well as providing an online de-registration service, for businesses who want to cancel their VAT registration.
Vat registration is a legal requirement If your turnover of VAT taxable goods and services supplied within the UK for the previous 12 months is exceeds £77,000, or you expect it to go over that figure in the next 30 days alone, you must register for VAT.
Running your business affairs accurately and keeping on the right side of HMRC will ensure that should you be selected for a random Vat inspection, then it will be a straightforward matter of being asked for the documentation to back up a few invoices or receipts.
An online portal to record all of your income and expenses, that produces Vat returns that can be viewed and verified online, simplifies the process, and together with an experienced accountant that is on hand to answer in depth questions on Vat or any other taxation matter, will help make your business run smoother.