HMRC’s latest VAT update
HMRC have published a new VAT update. It should be sent out with VAT returns and contains a useful summary of some recent VAT news.
The topics covered include the following:
- An explanation of the phasing out of paper VAT returns which is expected to begin from April 2010. From this date, all newly VAT registered businesses as well as all VAT registered business with a turnover exceeding £100,000 will be required to file VAT returns and make payments online.
- It is now possible to pay your VAT return by credit or debit card. Details can be found atwww.billpayment.co.uk/hmrc. Please note that credit card payments are subject to a 1.25% transaction fee.
- The time limits for VAT assessments and claims are increasing from three to four years. Transitional arrangements are in place from April 2009. The full four year time limit will apply from 1 April 2010.
- The option to tax office has relocated to the following address:
Option to Tax National Unit
HM Revenue & Customs
7 Cochrane Street
Telephone: 0141 285 4174/4175
Fax: 0141 285 4423/4454