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Small business trader - now has to do his VAT online

Traders and small businesses: VAT now online

VAT returns must be submitted electronically

IF YOU are a VAT-registered business then any VAT return must now be submitted electronically.

From April 2010, if you have an annual VAT exclusive turnover of £100,000 or more, you will have to do your VAT returns online and pay any VAT due electronically. The same is true of any newly VAT registered company or trader.

However, HM Revenue & Customs (HMRC) says there’s no reason to worry – it’s the same form and just as secure as doing it on paper.

If you haven’t registered, HMRC says you’ll need to register for an online account at least seven days before you do your VAT return.

Further information

All the help and advice you may need about registration and online services can be found by visiting HM Revenue & Customs’ online services demonstrator: businesslink-online.hmrc.gov.uk/login

If you’re already registered and want more information, go to businesslink.gov.uk/vatonline. Businesslink.gov.uk is the new place for doing your VAT online.

There’s additional information about VAT in our special HMRC panel on our sister magazine’s Law & Tax page. Click on the Business Car Manager link – Get your tax right – then choose VAT from either of the drop down windows.

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