From April 2012 all remaining VAT-registered businesses will also be legally required to submit their VAT Returns online, meaning that all VAT- registered businesses, apart from a very small number that are exempted, will have to submit their VAT Returns online.
Who should submit their returns online?You currently have to submit your VAT Returns online and pay any VAT due electronically if either of the following applies:
• you registered for VAT before 1 April 2010 and had an annual VAT-exclusive turnover of £100,000 or more for the 12 months ended 31 December 2009
• you registered for VAT on or after 1 April 2010, regardless of your turnover
From April 2012 all VAT- registered businesses, apart from a very small number of exemptions, will have to submit their VAT Returns online.
Penalty for PaperIf you are required to submit your return online and instead submit on paper you will be charged a penalty. HMRC may also charge a penalty if you pay late or make an error on your return.
Amount of the PenaltyThe amount of the penalty will depend on your annual turnover excluding VAT denoted as follows:
Penalty Turnover Excluding VAT
£400 £22,800,001 and above
£300 £5,600,001 to £22,800,000
£200 £100,001 to £5,600,000
£100 £100,000 and under
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