UK VAT, Intrastat Declaration Deadlines, Registration and Deregistration Thresholds (Sunnyvale, CA) – Businesses whose accounting year starts on or after April 1, 2012 are required to file VAT returns online including VAT due to HM Revenue & Customs (HMRC). This is applicable for companies who have registered for VAT before April 2010 and with annual sales less than £100,000 (excluding VAT). Payments can be made electronically using direct debit, internet or telephone banking, BACS (Bankers Automated Clearing System) direct credit, etc. Companies trading in goods with EU nations need to ensure that Intrastat declarations are completed, specifically if their EU imports are over £600,000 and EU exports exceed £250,000. Intrastat Declaration Deadlines Intrastat Declarations are required to be submitted by the 21st day of the following month after which a company has EU trade declarations to be made. Therefore, Intrastat declarations for March 2012 must be received by HMRC by April 21, 2012. Intrastat paper declarations on forms C1500 and C1501 will no longer be accepted by HMRC. Intrastat declarations must be made online or using other electronic formats such as Comma Separated Variable file (CSV) or Electronic Data Interchange (EDI). Payroll Tax Deadline The deadline for filing Employer payroll returns, P35, P14 and P60 is May 19, 2012. VAT Registration Thresholds UK’s annual budget revealed a string of tax measures including increase in the VAT registration threshold from £73,000 to £77,000 and increase in the VAT deregistration threshold from £71,000 to £75,000 (effective from April 2012). The VAT registration threshold for businesses not established in the UK will be removed from December 2012. Nair & Co.'s International Deadlines and Compliance Calendar (www.nairco.com/internationaltaxdeadlines2012.aspx) makes it easy to keep track of tax filing deadlines across multiple countries.
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Nair & Co. provides you with your one touch outsourced finance, internal audit compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com Read also on: International financial reporting
Published on Mar 29, 2012
Published on Mar 29, 2012
Businesses whose accounting year starts on or after April 1, 2012 are required to file VAT returns online including VAT due to HM Revenue &...