HMRC VAT Online Returns and Electronic Payments

All businesses—who have been making HMRC VAT online—would know that they have been mandated by the HMRC to register their VAT returns online and make the VAT due electronically as well. Though the HMRC mandate would require most of the business to meet these requirements, there are a small group of businesses who will be exempted from HMRC VAT online.

Who are required to register for VAT?

Value Added Tax or VAT registration is not required to be done by all the businesses carrying out businesses. However, VAT registration is mandatory for all businesses at any of the following scenarios;

• Their taxable income during the previous 12 months exceeds the threshold of £85,000, which is the threshold set by the HMRC for the year 2017-18.

• Their taxable income during the previous 12 months is expected to exceed the threshold within the next one month.

• They receive goods having a worth of £85,000 or more in the UK from the EU.

It must also be kept in mind that businesses also have an option to voluntary carry out the registration process even when their annual taxable income is less than the set threshold. From a business point of view, any accountants in Ashford Kent would agree that it is very beneficial to many small and new businesses.

Exemptions from making the HMRC VAT online

As made clear by the HMRC there are certain conditions, if applicable, that make businesses be exempt from making VAT online.

Businesses do not have to be compliant with the requirements given by the HMRC, if they are:

• Being subjected to any type of insolvency procedure. However, it must be taken into account that, in cases where the business becomes subject to any type of permitted Voluntary Arrangement, trust deed or administration, the online submission must be made for the same.

• If HMRC is found and satisfied that a business is run by such religious communities that prevent its believers from using computers, such businesses are exempt from paying HMRC VAT online.

It has to be kept in mind that even if you find that your business is exempt from making the HMRC VAT online, it is always important and necessary that you contact the HMRK helpline to get the position and confirmation from HMRC about the same. This is in the best interest of the business to ensure that there may not arise any kind of ambiguity in the future as to making the payment online.

It is true that making HMRC VAT online  is a process that just be carried out with great care attentions. It is very natural that you feel the need for the support of any accountants in Ashford Kent such as DNS associates to help you with every doubt that might have during the process. DNS associates, being the experienced and professional accounting firm that they are, can always help you with everything you need when it comes to filing HMRC VAT online. They are appropriately staffed with tax specialists and accountants who can guide, process and oversee all your tax payments, not just VAT payment. It is quite sure that, their affordable support coupled with their experience and professionalism would make you come back to them for more accounting and taxations services.

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