Businesses reminded of VAT returns rule change

HM REVENUE & Customs is reminding small business owners that all VAT returns must be submitted online from this spring, meaning paper returns will soon be a thing of the past.

Currently, only newly-registered businesses and those with turnovers of more than £100,000 have to submit their VAT online, as well as pay electronically. Anyone else can send a paper VAT return.

That is changing from April, when all 1.9 million VAT-registered businesses in the UK will have to submit their VAT returns online, and pay electronically, for accounting periods beginning on or after 1 April 2012.

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