Tools & Support / Business News
Get ready for new VAT rules
Shropshire businesses with a turnover of more than £100,000 should prepare themselves now for new VAT rules.
Keith Winter, of Dyke Yaxley Chartered Accountants, in Shrewsbury, said from April next year, all companies with a vatable annual turnover above the limit would have to file their VAT returns online.
"Although the deadline to file returns online is not until next year, companies would be wise to think about registering in advance."
"So far only 14% of businesses have volunteered to do this, and with an estimated 65% of all VAT registered companies falling into the chosen category, it looks likely there will be a last minute surge as the deadline approaches."
"If you register early, you will avoid the rush, and have chance to get used to the new rules at a more leisurely pace."
Keith said any business that filed its VAT returns online would also get an extra seven days to send in the information.
"And you'll also get a further three working days to pay whatever is due, so registering now can bring some unexpected benefits."
Keith said it was important for businesses to prepare for the changes as failing to comply would incur severe penalties.
"The rules surrounding VAT and tax are constantly changing, and it's vital that companies keep up-to-date with the latest guidelines."
"Any company that is unsure of the legislation should seek professional advice to make sure they do not flout the law."
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