Online Filing of Vat Return

Submitting your Online filing of vat return adds speed, security and reliability. The use of computerized accounting packages can be of significant help to all businesses in submitting their VAT returns online. To make the VAT online return process easy, it is important to keep all financial records up to date throughout the year. A good accounting computer program should make this really simple. As long as you maintain accurate and meaningful records, By then you should be ready to send your VAT data at the click of a button.

To complete your VAT return online, you must first register to access Online filing of vat return services through the HMRC website. Once you sign up you will be able to start the process. Make sure you opt for a computerized accounting package which is compatible with HMRC VAT online system. The HMRC website has a list of all programs that are accredited for online filing with them. You should be able to obtain an accounting package that enables you to send the required information to HMRC directly from the accounting program. It is important to do a final check on the data being submitted before submitting the information.

Any payable VAT must also be paid electronically. The amount due and deadline will be displayed on your return. Payment can be made through various modes including Debit/Credit Card and Direct Debit. It is important to note the payment deadline and be aware that it refers to the date On which the payment should be with HMRC. Consider and arrange in advance the method of VAT payment to meet the deadline.

While the HMRC VAT online service system will keep a copy of your VAT return for up to 15 months, it is highly recommended that you maintain a physical record of the return. You should note down the receipt reference number of your submission and print out all relevant documents from your VAT return. Please file this together with any correspondence from HMRC regarding your return. This will help make sure you that you comply with UK law that says you must keep all your business records for at least six years.

HMRC imposes strict time limits on Online filing of vat return and it is extremely important to adhere to them. Late submission of VAT return and late payment of payable VAT are likely to result in penalty charges levied. A computer accounting program, along with email reminders from HMRC VAT Online Services, can help you keep track of important dates and deadlines.