VAT – Mandatory online filing of VAT returns from 1 April 2012
The Technical Department of the Chartered Institute of Tax (‘CIOT’) published an article earlier this month in connection with the mandatory filing of VAT returns. The CIOT issued this as a result of feedback given to them and other professional bodies by HMRC following the recent introduction of online submission and payment of VAT returns for all businesses with a turnover over £100,000 or those businesses newly registered for VAT. Businesses which are already VAT registered and have a turnover of less than £100,000 could in the interim continue to submit paper copies of their VAT return and pay by cheque.
Feedback from HMRC advises that the implementation of the electronic submission of VAT returns for businesses with VAT accounting dates 1 April 2010 onwards went smoothly and more importantly they propose to make the requirement to submit VAT returns electronically mandatory from 1 April 2012. The CIOT report that feedback from accountants acting as agents for their clients in submitting the returns electronically, has generally been positive but some do have concerns for some of their smaller business clients. However, it is hoped that this can be overcome before April 2012.
If you wish to discuss this further please speak to your usual contact at Wylie & Bisset, telephone 0141 566 7000 or email info@wyliebisset.com .
