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News about paying VAT

8 March 2010 No Comment

While most businesses already submit their VAT returns online, this will be compulsory from 1 April for all VAT registered traders with a turnover of more than £100,000 annually as well as for all newly registered traders.

If you still pay your VAT by cheque, from 1 April HMRC will treat the payment as having been received by them on the day when cleared funds reach their bank account – so if you still pay by cheque you should be mailing it to them at least a week before the due date to avoid becoming liable to a penalty surcharge.

There’s more about paying VAT┬áhere.

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