VAT Online - full steam ahead
Posted by RebeccaBenneyworth in Tax, In business on Mon, 16/11/2009 - 08:00
- Regulations to implement the mandatory VAT Online rules have now been approved
- They include details of who is exempt from mandatory online filing for VAT
- The penalties for failing to file online will not be levied until April 2011
Most advisers and businesses know that VAT will be moving to a mandatory online filing requirement from April 2010. All businesses with turnover of £100,000 or more will be required to file and pay VAT by electronic methods from April, as will businesses which register for VAT from 1 April 2010, irrespective of size.
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