Register for online VAT now, accountants advise
HUNTINGDON S newest chartered accountancy firm is advising businesses with a VAT-able annual turnover in excess of �100,000 to register to file their quarterly VAT returns online if they haven t already done so. Although VAT returns online where turnover
HUNTINGDON'S newest chartered accountancy firm is advising businesses with a VAT-able annual turnover in excess of �100,000 to register to file their quarterly VAT returns online if they haven't already done so.
Although VAT returns online where turnover is above �100,000 will not be compulsory until April 2010, Simon Laskey from Haines Watts in St Clements Passage recommends registering now.
"Although an estimated 65 per cent of VAT-registered businesses will need to register, only 14 per cent have already done so," he said. "So doing it early will avoid the rush.
"If there are a large number of businesses all registering at the same time next year, the online system may struggle as it has done with key changes in the past. You also get an extra seven days to send in your return details if you file online and an extra three working days to pay the VAT due.
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"If you are used to receiving a VAT repayment, then online filing really is a must already."
INFORMATION: Simon Laskey is on 01480 434609 or email@example.com
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