REMEMBER APRIL 2012

Since April 2010 all newly registered businesses and existing businesses with a turnover of £100,000 or more have been legally required to submit their VAT Returns online and pay electronically.

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 Paper

If 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 Penalty

The 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

www.he-llp.com

0113 815 1315

15 Queens Square, Leeds, LS2 8AJ