VAT Deadline – Don’t get caught out over the festive period

VAT Deadline – Don’t Get Caught Out Over The Festive Period …

Since 1st April 2012 virtually all registered businesses have been required to submit their VAT returns online and pay electronically. HMRC accept the following forms of electronic payment methods:

• Direct debit
• Internet/telephone banking
• Faster payment service (FPS)
• BACS and CHAPS
• Bank Giro

If you pay your VAT returns by Direct Debit, there is nothing different to be done over the Christmas break. However, payment of the November VAT return by all other electronic methods must be cleared into HMCR’s bank account by 7 January 2013.

Consider the impact of festive bank holidays and your own staff’s holidays when arranging for your November VAT Return to be filed and paid on time before the VAT deadline, otherwise penalties can be applied by HRMC.

Whichever electronic method you use – don’t get caught out over the festive period.

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