VAT-registered businesses in Cornwall and the Isles of Scilly are being urged to get ready now for major changes to VAT return filing and payment coming in next April.
HM Revenue & Customs (HMRC) has sent a leaflet to all 1.9 million VAT-registered businesses to alert them to the fact that, from April 1, those with an annual turnover of £100k or more (excluding VAT) will have to file their VAT returns online and pay their VAT electronically.
Under the changes, businesses registering for VAT on or after April 1 will also have to file their return online and pay electronically, whatever their turnover.
Every year, around 1,550 businesses register for VAT in Cornwall and the Isles of Scilly.
HMRC is calling on all VAT-registered businesses in the region to take notice of the changes, as well as local firms who are planning to register for VAT in the coming months.
To file a VAT return online, businesses new to HMRC’s online services need to register for the VAT Online service by visiting online.hmrc.gov.uk, clicking “Register” under the “New user” section and then following the instructions. Current HMRC online service users can add VAT Online to their portfolio in the ‘Services you can add’ section of ‘Your HMRC services’.