April VAT Changes
Mon, 29 Mar 2010 13:45:00
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The following VAT changes come into effect on 1 April: • VAT-registered traders with annual turnovers of £100,000 or more (excluding VAT) will have to file their VAT returns online and pay their VAT electronically; • All businesses registering for VAT from April will have to file their returns online and pay electronically; • All VAT cheque payments sent by post will be treated as being received by HMRC on the date when cleared funds reach HMRC’s bank account – not the date when it receives the cheque. Businesses must allow enough time for their cheque to reach HMRC and to clear its account no later than the due date shown on their VAT return, or they may be liable to a surcharge for late payment. However, this change does not affect any cheque payments made by Bank Giro; and • Anyone issuing an invoice that includes VAT, when they are not entitled to charge it, will be subject to a new VAT wrongdoing penalty. The penalty charged will be a percentage of the amount charged as VAT on an unauthorised invoice.  |
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