VAT Changes For Online Payment & Filing

In a bid to move ever closer to the phasing out of paper filing, HMRC have announced new Government proposals as follows:

• From 1 April 2010, all VAT registered businesses with an annual turnover of £100,000 or more (excluding VAT) must file their tax returns online and pay electronically.
  
• From that same date, all businesses newly registering for VAT, whatever their turnover, must file their returns online and pay electronically.
  

Paper returns will still be an option for the remaining VAT registered businesses, but this will be reviewed More information can be found on the HMRC web site, at http://www.hmrc.gov.uk/vat/start/register/signup-online.htm

Changes To Banking Services And Making Payments To HMRC

During 2009, H M Revenue & Customs are moving over to new banking arrangements.

The banking details are as follows:

Current Bank Account Details:

Account Name: HMRC VAT

Sort Code: 10 00 00

Account Number: 52055000

New Bank Account Details:

Account Name: HMRC VAT

Sort Code: 08 32 00

Account Number: 11963155

If you use online banking, and have stored templates or transactions, that you use when making your current VAT payments, you may need to update these to reflect the changes.

More information or guidance can be found at http://hmrc.gov.uk/payinghmrc/