Academic journal article Manager

New Rules Affect the Way VAT Is Collected

Academic journal article Manager

New Rules Affect the Way VAT Is Collected

Article excerpt

The way in which VAT returns are submitted and duties are collected has changed substantially from 1 st April 2010 after a long anticipated move by Her Majesty's Revenue and Customs.

Businesses with a turnover of £ 100, 000 or more must submit VAT returns online and pay electronically. All businesses registering to pay VAT after 1 st April 2010 will have to start using the new online method, regardless of turnover as paper returns will no longer be issued by HMRC, forcing businesses to use the new method.

John Crawford, Managing Director at The VAT Consultancy, is concerned that the responsibility for the accuracy of VAT returns rests solely with the business owner, director or manager, even if third parties like accountants complete and submit it on someone's behalf.

He says, "This move online opens up VAT returns to wider scrutiny, and all returns will now be audited by Government inspectors. …

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