Accounting Services Advice – HMRC Bring in New VAT Return Rules

Here at Blue Skies it’s our responsibility to ensure that our media tax accountants keep you up to date and advised of any changes in legislation or policy that may affect you. Therefore, this news post has been created in order to let you know about some important changes that will apply to VAT registered businesses as of spring 2012.

At the moment, HMRC will allow businesses who turnover less than £100,000 a year to submit their VAT returns and pay their VAT through hard copy and non-digital methods, providing they’re not a newly registered business. However, as of 1st April 2012, every single VAT registered business in the UK will be required to submit their VAT returns via HMRC’s online system.

Our Media Tax Accountants Can Help You Make the Switch

These new VAT rules will be applicable for any returns filed for accounting periods that start on or after 1st April 2012. It may be that you use a Blue Skies media tax accountant for all of your accounting services, and that you already have your VAT returns filed via the online system. However, if you’re still doing it the old-fashioned way, our media tax accountants would advise that you arrange to switch to the online method as soon as possible. This will give you the peace of mind that you’re ahead of the game, and won’t forget to do it when the rule changes come into effect! Of course, if you do use Blue Skies accounting services, then we can take care of the switch on your behalf.

There are some great advantages to filing your VAT and tax returns online. Firstly, you will be sent an acknowledgment of your VAT return submission automatically, giving you something for your records to show that you’ve met your reporting obligations. If you do your VAT returns yourself, by using the online system you’ll also be able to take advantage of their arithmetic checker to ensure that your figures are correct – again, if you use a media tax accountant from Blue Skies, we’ll will be looking after the sums for you anyway.

Don’t Forget to Register for your Online VAT Return Submissions!

Another benefit to getting yourself registered to file your VAT returns online now is that you will get an email to act as a prompt, so that you don’t miss your next due date. In order to register for the VAT online service, follow this link www.online.hmrc.gov.uk and click on the register option in the new user section. Remember that you’ll also need to set up an electronic payment method – Blue Skies can help you with this if you require.
If you think you would benefit from our professional accounting services to save you the worry of keeping up with changes to VAT and tax rules, take a look what we can do to help you by following the link.