VAT Online Submission
From 1 April 2010, many VAT registered businesses will have to switch from paper to online VAT returns. If your annual turnover on 31 December 2009 is £100,000 or more (exclusive of VAT), or if you become VAT registered, you will have to submit your return online and pay electronically.
To set up online submissions yourself, you will need to know your effective date of registration for VAT, which can be found on your VAT certificate or the notification to file online letter. If you can not find this you should contact the VAT helpline on 0845 010 9000 and ask for a duplicate VAT certificate.
For your convenience and peace of mind, Banham Graham can submit your VAT returns online on your behalf. This service will cost just £25 per submission.
HM Revenue & Customs are currently offering incentives to pay your VAT return using electronic methods. If you pay using electronic methods, you can get up to seven extra calendar days for your payment to reach HMRC – though funds must have cleared to the HMRC bank account by the seventh day.
If the due date of your payment falls on a bank holiday or a weekend, it must clear to the HMRC bank account before then. If you submit and pay by direct debit, HMRC will automatically collect payment on the third banking day after the seven extra calendar days. Details of the HMRC bank account can be found on the back of your VAT return.
For further information, or if you would like Banham Graham to submit your business’ VAT returns online, please contact Nicky Mears.