Category: Employment Law, Taxation and Legislation for Contractors

HM Revenue & Customs (HMRC) has reminded businesses affected by the new online filing requirements for VAT returns to get their documents and payments in on time.

Existing VAT-registered companies with an annual turnover of £100,000 or more and any firm registered for VAT from April 1st this year must now file VAT returns online and pay electronically.

For the vast majority of business owners who do their returns every quarter, the VAT for April to June 2010 must be filed online by August 7th.

"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," said Stephen Banyard, director of HMRC's business customer unit.

HMRC has also advised firms on how to deal with compliance checks, issuing factsheets describing the process, which is part of new legislation designed to make the tax system simpler and more consistent.

Posted by John Crawley