UK tax authority Her Majesty Revenue and Customs (HMRC) are encouraging UK businesses to administer their tax returns and related forms online for the obvious reasons that it is quick, cost effective and information can be transmitted securely to them.
The key dates are set for businesses to use HMRC online system compulsorily. It is important for businesses to be aware of these important dates. Failure to comply may result in penalties and fines.
| April 2009 |
PAYE |
Businesses with 50 staff or more are required to file P45, P46 and similar pension information online. |
| April 2010 |
PAYE |
All employers must file P35 and P14 online regardless of the number of staff they employed. |
| April 2010 |
VAT |
VAT registered businesses with annual sales of £100,000 or more are required to file their VAT returns online and pay VAT electronically. Newly registered businesses are encouraged to follow suit at the earliest. |
| April 2011 |
PAYE |
Payroll related forms are to be filed online by all employers. |
| April 2011 |
CORP TAX |
Businesses trading using limited companies are required to file their companies tax returns online using XBRL and pay their tax bills electronically.
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Further reading on online filing can be obtained at www.hmrc.gov.uk/online.
Concise Accountancy provides taxation services which include taking care of your legal obligations under HMRC requirements. Feel free to contact us should you require have any question on doing it online the HMRC way.
Many small businesses sign up for our Business Startup Packages which include preparing and filing of tax returns for their companies and also their company accounts. These accounts packages are fixed priced and provide good value for money.
