Small companies registered with VAT
From 1 April 2010, if your company’s annual sales equal to or more than £100,000, you are required to file your VAT returns online. The £100,000 sales mark is inclusive of VAT charged to customers.
Filing VAT return online is no different from filing paper VAT Return. You will see exactly the same paper-format VAT return electronically on HMRC filing system. You fill in the return the same way you fill your paper return.
The benefit of filing your VAT return online is that you get extra 7 days in addition to one month standard filing dateline.
Newly start-up companies
Limited company wanting to register for VAT voluntarily from 1 April 2010 is required to file their VAT returns online and signed up for electronic payment. The company’s size of turnover is irrelevant.
VAT Online Services
Registration with HMRC for VAT online service is compulsory before you can file your VAT return online. An activation pin will be sent to you after registration. Enter the pin to activate the service.
It is also a requirement to provide your company bank account details and if there is any VAT due to HMRC, the amount will be taken from your bank account electronically.
Professional Accountants Help
Concise Accountancy offers premium accounts package to start-up and small companies which include taking care of your VAT returns online.
In addition, you would also receive unlimited support from qualified accountants throughout your financial year on your accounting matters.
Feel free to contact concise accountants to discuss your VAT accounting requirements.
Concise Accountancy – providing complete business solution to small companies and start up businesses.
