Interesting News

Filing Tax Returns Online To Be Made Compulsory

Over the next few years, the Government will be changing the way business owners have to manage and pay some taxes and making it compulsory to file certain returns and forms online.

The taxes that are moving to compulsory online completion are:

• End of year and in-year PAYE forms for employers
• VAT
• Corporation Tax

It is already possible to manage all of the above taxes online and many businesses do, but a timetable has now been put in place for completing online to become compulsory, so it makes sense to start getting used to the systems now.

For businesses with 50 or more employees, it is already mandatory to deliver PAYE information online.  Smaller firms will have to file their end of year forms online by April 2010, with in-year forms being required online from April 2011.

VAT Returns must be filed online from April 2010 for all businesses with a turnover of £100,000 or above, as well as for any business registered after that date, while company Corporation Tax Returns and supporting documents will need to be supplied in Extensible Business Report Language (XBRL) from 31 March 2011, relating to periods ending 1 April 2010 or later.

HWB is working closely with the latest technology and is already working to help clients adjust to new systems.

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