VAT Returns

8th December 2012

VAT Returns – Compulsory online filing has benefits

It has now been nearly nine months since HM Revenue & Customs have stipulated that all VAT registered businesses should file their VAT returns online, apart from a number who are exempt. But some may say, what are the benefits of VAT online?

1. Security – all transactions are 100 per cent as they’re encrypted to the highest commercial standards. With a unique ID and password you or someone you authorise can have access to that information.

2. Speed – going through the online registration and enrolment process (which you need only do once) takes just a few minutes.

3. Convenience – the online services is available 24/7, whenever best suites you.

4. Accuracy – there are automatic checks to help reduce errors, meaning there is less chance for H M Revenue & Customs to send it back to you for it to be corrected or to be clarified.

5. Reliability – you don’t have to worry about your return being lost or delayed in the post especially this time of year, as you will get an on-screen acknowledgment as soon as you submit your return.

An added incentive to get your VAT return in on time is that if you have a refund due, H M Revenue & Customs will usually pay this within a few days of your VAT return being submitted. Also to aid in the cash flow of your business you can setup a direct debit for HM Revenue & Customs to take the amount of VAT recorded on your VAT return on the third bank working day after the VAT return is due.



 
Other items in Blogs
 
Ruth Pearson
20th September 2018 HMRC advisory fuel rates for company car users from 1 September

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2018 reflecting the upward trend in forecourt fuel prices for higher emission cars.  These rates apply from 1 September 2018 and have increased slightly on the previous quarter rates, for petrol cars with engine of 1400cc or more…

Read More »

Mark Deighton
14th September 2018 Sage 50 VAT T Codes

Sage 50 VAT T Codes. Sage 50 Accounts book keeping software populates its VAT return by using tax (T) codes to indicate which VAT rate to apply to each transaction. Whenever you post a transaction in Sage 50 Accounts you must enter the relevant T code:   T0 – Zero rated transactions (eg most food, books, new builds,…

Read More »

Richard Alecock
13th September 2018 Making Tax Digital …… Only 200 days to go!

It’s time to decide how you will digitalise your records in order to meet HMRC requirements ahead of April 2019 HMRC wants the UK to be one of the most digitally advanced tax administrations in the world, improving efficiency, effectiveness and ease of compliance. Their plans signal the end of paper accounting for millions across…

Read More »

Jeannette Hume
4th September 2018 EIS Test Case: Capital gains tax exit exemption not linked to income tax entry claim.

In a recent HMRC test case (Ames v CRC), the Upper Tribunal considered whether it was necessary for EIS income tax relief to have been claimed when an EIS investment was made, for the transaction to then potentially qualify for exemption from capital gains tax when the investment was sold. For the case in question,…

Read More »

Ian Piper
4th September 2018 Preserving your business income

It’s the holiday season, many will have recently been or soon be travelling abroad. As well as marvelling at the sights, we will also be struck by how these countries are run, and compare them to life back in home.   It is easy to be jealous of: State pension levels in Sweden Police numbers on…

Read More »

Amanda Newman
3rd September 2018 Making Tax digital is nearly here

As we head towards the end of summer and we start to prepare the children to go back to school, life starts to get back to normal. If you run your own business you may want to use this time to start planning ahead for the changes in the way you file your paperwork with…

Read More »