HMRC has published the latest quarterly edition of VAT notes which includes a summary of all recent changes to the VAT rules and announces future changes.
The main topics covered in the latest edition are as follows:
- Online VAT filings – From April 2012 virtually all VAT registered businesses will be required to file VAT returns and make payments online. The online filing is being extended to include businesses with a VAT turnover of less than £100,000 who registered for VAT before 1 April 2010. Businesses that have not yet registered to file online are encouraged to do so during 2011 to ensure they are properly prepared.
- VAT return errors – A reminder on the process for correcting mistakes on a VAT return and the applicable monetary limits.
- HMRC launches a Twitter account – A reminder to VAT registered businesses that there is now an active HMRC Twitter account, with the username @hmrcgovuk. The twitter account is managed by the HMRC Communications and Marketing team on behalf of HM Revenue & Customs.
- Lennartz accounting – Businesses should be aware that VAT recovery on the purchase of certain assets (such as property and aircraft) on or after 1 January 2011 is restricted to the business use of the asset.
- VAT publications – The VAT notes also include a useful list of new and revised VAT publications.