John Arnold Director of European VAT Services at Ernst & Young questions HMRC's plans for compulsory VAT e-filing and payment from 2010 in view of the extra costs for smaller businesses
On 16 April 2009 HMRC published draft legislation on e-filing VAT returns and electronic VAT payment which from 1 April 2010 will be compulsory for all businesses with an annual turnover of £100 000 or more and for all newly registered businesses. Other businesses can continue to file paper VAT returns until 2012 when they too must file online. There will be penalties for noncompliance. The process can be seen as a test run for compulsory (income tax) self-assessment e-filing by all taxpayers.
Why compulsory?
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John Arnold Director of European VAT Services at Ernst & Young questions HMRC's plans for compulsory VAT e-filing and payment from 2010 in view of the extra costs for smaller businesses
On 16 April 2009 HMRC published draft legislation on e-filing VAT returns and electronic VAT payment which from 1 April 2010 will be compulsory for all businesses with an annual turnover of £100 000 or more and for all newly registered businesses. Other businesses can continue to file paper VAT returns until 2012 when they too must file online. There will be penalties for noncompliance. The process can be seen as a test run for compulsory (income tax) self-assessment e-filing by all taxpayers.
Why compulsory?
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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