Do your VAT returns online?
Here’s some important information for businesses with a VAT return period ending on 28 February 2010:
Do your VAT return before Easter!
Why?
Because HMRC will be upgrading there online system over Easter. And you won’t be able to access the system from Saturday 3 April 2010 until 6 April 2010.
Don’t believe me? Have a look at HMRC’s website where it says:
Normally you would have seven days in which to submit your return. By carrying out this work over Easter HMRC are reducing the time available for you to do your VAT return. My recommendation is to get your VAT return submitted before Saturday to avoid problems that might arise should the work overrun or there be too many trying to do their VAT return on Tuesday 6 April 2010.
Penalties
If you are late submitting your VAT return you will probably be sent a surcharge liability notice. If this is the first time you receive one it means that you are liable to a penalty if you submit a VAT return late in the following twelve months, i.e. for a VAT period ending 28 February 2010 you have to submit all VAT returns, and pay the VAT, on time for all periods up to 28 February 2011.
If you receive a surcharge liability notice and it is not your first, you may be charged a penalty. The penalty will be calculated as a percentage of the tax due, on a rising scale, from 2% to 15%, depending on how many times you have been late with your VAT return.
Frightening, isn’t it?
I’d love to have your comments on this. What do you think? Should HMRC have done this work later in the month to avoid putting unnecessary pressure on businesses?
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