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Can you rise to the challenges of online filing?
Accountants in business and practice are increasingly required to file statutory returns online; this is not yet a universal mandate, but it will be, eventually. Meanwhile, over the next year, growing numbers of businesses and practices will find that they are required to submit returns online, and those that are not prepared far enough in advance may face fines (and many other problems), so the sooner you get ready, the better.
A number of organisations may shortly find themselves required to file something online for the first time, as a result of changes introduced from 1 April. So it seems prudent to gently nudge members in the right direction, and suggest that if you are not yet registered to use the Government Gateway, now might be a very good time (it can take more than a week to complete the process); or you might get caught out by the one, or both, of the following:
If your annual turnover was £100,00 or more on 31 December 2009 you are required to submit your VAT returns online and pay your VAT electronically for all returns starting on or after 1 April 2010. You will find guidance from HMRC
here, with additional more general VAT guidance here.In addition, almost all employers will need to file their 2009/2010 year-end PAYE return (P14s and P35) online, and by 19 May 2010. You can find guidance on this and other year-end PAYE tasks here and more specific guidance on how to register for PAYE online here .
Many accountants in business and practice will also need to start their preparations for the transition to mandatory Corporation Tax online filing, which will come into force from April 2011.
At the moment, this is a lot less urgent than the other two changes, but it will require many affected organisations to modify their processes and/or buy new software, and/or arrange facilities with specialist outsourced service providers. So the IFA is providing members with lots of advance guidance in Financial Accountant, and recommending that all members determine how they will be affected by the transition, and how they are going to deal with this, well in advance too.
David Woodgate
If you have any suggestions on what the IFA can do to further support finance professionals in the SME sector, let me know by email, or write to me at Burford House, 44 London Road, Sevenoaks, Kent, TN13 1AS - your words of wisdom could be featured on the letters page in Financial Accountant. |
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