HMRC recently issued a statement to remind umbrella companies and limited company contractors of the need to complete their VAT procedures online if they have an annual turnover in excess of £100,000 or registered for VAT after the first of April this year.
New VAT rules mean that returns need to be filed online and the VAT due paid electronically. The new ruling came into force at the beginning of the tax year and therefore the 3 month period from April to June is the first time businesses have been obligated to use the online system. The returns have to be filed by 7th August.
A Revenue spokesman said that most customers had already enrolled for the VAT online service and a lot of them have completed their first returns online already.
VAT registered traders who have not already done so should sign up via the HMRC website.
© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.
Image: Remember to Forget. by Anna Gearhart
