1 April 2010: On-line VAT filing
After the cross-border place of supply of services VAT changes introduced from 1 January 2010 the next major development in VAT is the introduction of on-line VAT filing from 1 April 2010. From this date most VAT registered businesses in the UK will have to file their VAT returns online as well as pay any VAT due via electronic means.
Broadly there are two types of traders that must use on-line filing methods:
- Newly VAT-registered traders with a VAT registration date falling on 1 April 2010 or later.
- Any business with an annual turnover of at least £100,000 excluding VAT.
The VAT periods for which online returns are due are those beginning on or after 1 April 2010. So for a trader that prepares monthly VAT returns, April would be the first on-line return due. For traders on quarterly returns, the first returns would be those ending in either June, July or August.
Businesses that require to register for on-line VAT filing should get in touch with RKG Consulting as soon as possible.