Filing returns at regular intervals is one of the functions that should be completed by you once you get your vat certificate and turn into a vat registered trader, and filing vat returns online is secure and convenient. You can now file returns from the comfort of your office, store or home or even authorize your vat agent to do the same on your behalf.
If you are a trader in the UK then once your vat registration process is approved by HM Revenue and Customs or hmrc vat department then you will receive your vat certificate and vat number, which in turn will empower you to issue vat invoices and collect vat against those invoices. You will also need to pay vat on all vat invoices issued by your suppliers. At the end of the specified time-frame that could be a month, quarter, or year, as specified by hmrc based on the vat accounting scheme chosen by you, vat returns will have to be filed by you or your vat agent.
These returns will provide a summary of the total vat collected against your VAT invoices, and paid against your purchases invoices within the specified period. If you have collected more vat than you have paid then you will have to pay the difference to hmrc or if it is the other way around then you can claim the amount back into your account from hmrc. However, in a bid to improve services and reduce paperwork, hmrc offers you a chance to file vat returns online to all its vat registered traders. If you have filed for vat registration after April 1, 2009 or if your taxable turnover excluding vat has crossed £100,000 then you will anyway need to compulsorily file your returns online. However, you can still file your returns online whatever your turnover if you want to experience security and convenience.
Instead of filling out vat returns manually and then sending it by post you can now fill them online and send it to hmrc in an instant. The website of hmrc offers a secure platform and you can also fill up vat return form 100 or 193 at any time of the day or night. Your vat agent can also get registered to file returns on your behalf while you can also receive reminders from hmrc to file your returns on time once you register at their site. You will only need to register once to get all vat online services offered by hmrc that include filing of online vat returns, filing applications for vat refunds on vat already paid in another eu country, and can also download all vat forms issued by hmrc vat. The website itself is very easy to negotiate and you need not have a broadband internet connection or be a computer expert to learn about and use all online services offered by hmrc.
Once you start levying vat to your clients and start paying vat on your purchases then you will also need to file vat returns summarizing your transactions at regular intervals. Instead of wasting time filling these returns manually and rushing to post them at the last minute you can now do the same by using your computer and the internet. You or your authorized vat agent can now file vat returns online in a secure and convenient manner.