Businesses issued VAT reminder

Date: 15th June 2010

British businesses have been reminded by the government that changes to the VAT system mean their returns will have to be filed online this year.

HM Revenue & Customs (HMRC) has issued a statement reminding businesses that if they have an annual turnover in excess of £100,000 or they registered for VAT after April 1st 2010, they must file their VAT returns and pay their VAT electronically.

Stephen Banyard, director of HMRC's business customer unit, said: "The vast majority of customers affected by the new arrangements have already enrolled for HMRC's VAT Online service and many have also filed their first returns online.

"However, if you're a VAT-registered trader who's affected by these changes, and you haven't yet signed up, you need to take action now."

HMRC explained that the first quarterly returns to be affected by the changes are those that cover the trading period April to June 2010.

The department also stated that for most online filing customers the deadline for returns will be August 7th 2010.

Posted by Thomas Fletcher