New VAT Return Rules

March 15th, 2012

From April 2012, all VAT registered businesses that are not already registered online will be legally required to submit returns online and pay VAT electronically.

All newly registered and existing businesses with a turnover of more than £100,000 have been legally required to submit their VAT Returns online and pay electronically since April 2010.

Now, all remaining VAT registered businesses will now have to register online, except for a very small number that are exempted. You may be exempted if either of the following applies, however you should contact HMRC if you are unsure:

• You are subject to an insolvency procedure – but if you’re subject to an approved Voluntary Arrangement, administration or trust deed you may submit online if you want to

• HMRC is satisfied that your business is run by practicing members of a religious society, whose beliefs prevent them from using computers

Businesses will face a penalty if they are required to submit an online return but submit a paper return instead. The penalty amount will depend on the annual turnover of the business, based on the figures up to and including those on the paper return which triggered the penalty.

Champion is offering a ‘Submission and Set’ up service for clients who require help with the registration process.Please contact a member of the Team at your local Champion office and we will be happy to guide you through the process.

Blackpool 01253 621 512
Chester 01244 404 420
Manchester 0161 703 2500
Preston 01772 735 000
Southport 01704 535 687


BACK TO NEWS PAGE »
Latest News

Accountants Take on 50km Trek for Charit...

October 17th 2017

Staff from the North West Champion Group have raised almost £8,000 for charity after completing a 5...

Land Remediation Relief: Can you claim i...

October 4th 2017

Land Remediation Relief (LRR) offers a big incentive to businesses and land owners that bring contam...

Focus
management accounts

Our Management Accounts service takes this headache away from you. By providing accu...

corporate finance

We help raise finance, advising on the best methods for a given situation, identify ...

SPOTLIGHT ON R&D

Degree 53

Serving an international portfolio of clients in sectors including online gambling, finance, sport and education, Degree 53 specialise in mobile app and website development, UX and design and consultancy services.

Our Tweets

Champion Accountants

Growth Protection Core Support Menu
Contact