Tax & Accounting News
New VAT registrants forgetting online filing
21/07/2011
HMRC has reported that while most people who should be filing their VAT returns online are now doing so, some new registrants are not, possibly because they are not aware that online filing is mandatory.
Since 1 April 2010, most VAT-registered businesses have had to submit online returns and pay electronically. At the moment, the only businesses which have been exempt have been registered for some time and have an annual turnover of less than £100,000, although they too will have to file online from April 2012.
Newly registered businesses which fail to file online will receive a VAT assessment, but many are then contacting HMRC for a duplicate paper return, which is no longer an option.
HMRC has said that it is reviewing its registration packs to ensure that new registrants understand the necessity of filing online.
