Online Deadline Nears for VAT-registered Firms

VAT-registered firms must file their second quarter returns online by 7 August or face fines, HM Revenue & Customs (HMRC) has warned.

VAT-registered businesses with an annual turnover of £100,000 or more, and any business that has registered for VAT since 1 April 2010, are now legally required to file their returns online and pay their VAT electronically.

These firms must file their second quarter VAT returns, for the period April to June 2010, by 7 August. Firms which do not file and pay their VAT online ? those between the £70,000 turnover VAT threshold and £100,000 turnover ? must file their returns by 31 July.

“The vast majority of customers affected by the new arrangements have already enrolled for HMRC’s VAT Online service and many have also filed their first returns online,”

said HMRC business customer unit director, Stephen Banyard.

“However, if you’re a VAT-registered trader who is affected by these changes and you haven’t yet signed up, you need to take action now.”

Businesses that miss the filing and payment deadline will receive a notice of their liability for a surcharge. In addition, if they fail to meet their deadline for a second time they may be charged a surcharge of two per cent of their unpaid VAT.

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