Time is ticking. And I know how much you all love doing your VAT Returns!
Here’s a quick reminder of the rules and deadlines…
If you have not yet submitted it, you will get a letter soon from HMRC reminding you to do so.
Since April 2010 most VAT-registered businesses have been required to submit their VAT Returns online and pay any VAT due electronically.
From April 2012 all remaining VAT-registered businesses are also legally required to submit their VAT Returns online. This means that virtually all VAT- registered businesses, apart from a very small number that are exempted, now have to submit their VAT Returns online.
There are ONLY TWO exceptions:
a) If subject to insolvency proceedings OR;
b) Where a person is a practicing member of a religious order whose beliefs do not allow the use of electronic communication.
Submitting your online VAT Return
If you submit your return online, you must pay electronically. You get seven extra calendar days to submit your online return and up to seven extra calendar days to pay any VAT due electronically. This deadline (including the extra seven days) is shown on your online return.
However, the extra seven days does not apply if you:
- use the VAT Annual Accounting Scheme
- have to make payments on account (unless you submit monthly returns)
In these cases, your due date shown on your online return is the normal due date – that is, one calendar month after the end of your VAT period, or two calendar months after the end of your VAT period if you use the annual accounting scheme.
If you pay by debit or credit card, a credit card will incur a fee of 1.4% added to the VAT amount due and it takes 3 working days to arrive.