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

BLOG13th Dec 2012

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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VAT is increasingly complex and impacts all aspects of your business. We can provide VAT advice to unravel complexity, help ensure compliance and make sure you pay no more VAT, Customs Duty, Excise Duties and various environmental taxes than necessary. Our team’s specialist skills have been acquired through supporting numerous clients, and working in HMRC and private industry. We provide comprehensive VAT advice and indirect tax services and, whether it’s compliance matters or complex restructuring, we’ll support you with practical, tailored solutions.

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