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Draft regulations available for comment
Draft regulations on compulsory online filing of VAT returns have been published by HMRC.
These regulations amend the VAT Regulations 1995 (SI 1995/2518) as follows:
- Online filing of VAT returns and electronic payment of VAT is required for existing businesses with an annual turnover of £100,000 or more for accounting periods starting on or after 1 April 2010.
- Online filing of VAT returns and electronic payment of VAT is required for all new businesses with an effective date of registration on or after 1 April 2010 whatever their turnover.
Comments on these draft regulations should be sent by 3 July 2009 via email or post to Richard Askey or Paul Kinsey at HM Revenue & Customs, VAT Accounting, Registration and Exports, CT&VAT Products and Processes, Queens Dock, King's Parade, Liverpool L74 4AA.
