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Friday
Sep242010

Online VAT Filing Will Soon Apply to All VAT Registered Businesses

As an accountancy firm we are required to stay up to date with all changes in various areas of taxation. This enables us to provide the best possible service to all our clients, and to save them as much tax as possible.

One potential change that could now be in the offing concerns the filing of VAT returns for those businesses that are registered to pay the tax. Electronic VAT returns have already been in use for a while with regard to large businesses that have turnovers of more than £100,000. But it would seem as if the ruling will now be extended to include all businesses that are required to pay VAT.

The changes are some distance away yet, as the likely date is said to be April 2012. There has also been no proper announcement about the move, so it could be altered or changed to another date. However it is almost inevitable that such a move will eventually happen, so it pays to be aware of the possibility.

I think that the move will probably make VAT filing easier for many businesses. This is largely because computer use is prevalent for many modern businesses anyway. There may be some resistance to the idea from businesses where the owners do not use computers, but exceptional cases may still be able to use paper returns. However nothing is certain yet.

In the meantime if you have any concerns or questions about the payment of VAT for your business, experts at St Matthew are here to help. Contact us via our website now, or simply phone and speak to someone when convenient.

 



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