Everett Group

News

7 April 2010 Online filing changes come into effect

Businesses will now only be able to file and pay certain taxes online, following the introduction of new rules by HM Revenue and Customs (HMRC).

From 1 April 2010, HMRC will begin the process of phasing out paper VAT returns in an effort to encourage more people to manage their tax affairs electronically.

Businesses with an annual turnover of more than £100,000 (excluding VAT) will need to file returns online and make payments electronically, for accounting periods beginning on or after that date.

Firms with an effective VAT registration date on or after 1 April 2010 will need to have returns filed and payments made online, regardless of their turnover. The remaining VAT registered businesses may continue to file paper returns for the time being, but the situation is set to be reviewed by 2012.

Penalties for failing to make an electronic return will be applied to periods ending on or after 31 March 2011.

The changes come as a result of a review of HMRC’s online services and reflect the growing trend towards electronic filing.

Almost all employers are now required to file their employer annual return online, while corporate tax returns due after 31 March 2011 will also need to be submitted online.

We can help with all your tax planning needs, including dealing with your tax returns on your behalf – please contact us for information and assistance.