Filing of vat return has become very easy after moving online

If you are a trader in the UK or any eu country that levies VAT or value added tax on goods and services then filing of vat return has become very easy after moving online. Most vat departments of various countries including the UK, Sweden, etc offer several vat online services including filing of returns to vat registered traders.

In the UK it is HM Revenue and Customs [hmrc] that levies vat and monitors all aspects of vat including collection of vat, recording returns and refunds, and auditing traders. If you have turned into a vat registered trader after April 1, 2010 then it is mandatory for you to file electronic vat returns online since hmrc vat is making all efforts to phase out paper returns completely over time. In case you have received vat registration before that date and your annual sales turnover excluding vat is above £100,000 then you will still need to pay your returns online although you still have an option of paying electronically even if your turnover is below that amount.

Although the online vat return form is similar to the paper form you should still enlist the help of your vat agent especially if you are filing your returns for the first time. You can also authorise your agent to file your returns on your behalf, and this authorization will have to be confirmed by you when you receive a letter from hmrc asking you to do the same. Your vat agent or accountant can now file your vat returns online on your behalf and also file for vat refunds once you have completed the necessary formalities. You will have to first register with hmrc vat online services before you can start filing returns or using any of the other online facilities offered by hmrc including filing of vat refunds. You should ensure that you have a computer with a stable internet connection in your office, store or home while also ensuring that you use a proper vat accounting software to make your life easier. There are several vat accounting software that have been approved by hmrc and you can directly file your vat returns through such software.

There are several advantages of filing electronic returns. In addition to saving time, postage and effort to ensure that your returns are delivered well on time, you can also check on past returns filed after November 2009 at the hmrc website. You can now file your returns at your convenience, be it day or night and can also enjoy added security since your electronic return will directly and safely reach the computers at the hmrc office. You can also opt to receive timely reminders from hmrc when your vat returns are due. In addition, your vat agent can now file for vat refunds due from other eu countries that have adopted vat as well as submit your reverse charges sales list.

Once you turn into a vat registered trader in the UK or any other eu country that has implemented vat then you will have to choose an appropriate vat accounting system and file your returns accordingly. Luckily, most vat-enabled countries including the UK allow you to file your vat return online and this facility offers convenience and security while also offering you a chance to file your returns within minutes.


Leave a Reply