From 1 April 2010 it will be compulsory for certain businesses to file VAT returns online and to pay VAT electronically.
Who will be affected?
- Existing businesses with an annual VAT exclusive turnover of £100,000 or more.
- All businesses newly registered for VAT on or after 1 April 2010, irrespective of turnover.
What to do if
From April 2011, under Government proposals, all companies, clubs, societies, associations and other unincorporated bodies will have to:
File company tax returns online for all returns delivered after 31 March 2011 for accounting periods ending after 31 March 2010, using a specified XBRL data standard for accounts and computations; and
Pay Corporation Tax (CT)