Latest News
April 2010
VAT filing and payment:
From 1 April 2010, all existing VAT-registered
businesses with an annual turnover of £100,000 or more
excluding VAT - and all businesses newly registering for
VAT - will have to submit their VAT returns online and
pay any VAT due electronically.
From 1 April
2010 you will have to submit your VAT Returns online and
pay any VAT due electronically if either of the
following applies:
-
You
have an annual turnover of £100,000 or more
(exclusive of VAT)
-
You register or should have registered for VAT
on or after 1 April 2010 (regardless of your
turnover)
If you fall
into either of the groups mentioned above, you will have
to file all your VAT Returns online - including nil and
repayment returns - even if your turnover drops below
£100,000 in the future.
for More Information
From 1 April 2010,
all VAT cheque payments sent by post will be treated as
being received by HMRC on the date when cleared funds
reach HMRC’s bank account – not the date when it
receives the cheque. Businesses must allow enough time
for their cheque to reach HMRC and to clear its account
no later than the due date shown on their VAT return, or
they may be liable to a surcharge for late payment.
However, this change does not affect any cheque payments
made by Bank Giro.
From 1
April 2010,
all employers must file their Employer Annual Return
(P35 and P14s) online by the 19 May deadline – there is
no longer a paper filing option for small employers with
fewer than 50 staff. File your return on paper, even if
it’s before 19 May, and you could receive a penalty.
From 1
April 2010,
HMRC is introducing new penalties for late payment of
PAYE. Under these changes, employers and contractors may
incur penalties if they don’t make payments of PAYE,
National Insurance contributions, Construction Industry
Scheme deductions and student loan deductions on time,
and in full. Penalties will be calculated as a
percentage of the late amount and, for in-year payments,
the percentage charged increases as the number of late
payments in the year increases.
