Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Only Seven Days until Paper VAT Registrations Are Scrapped by HMRC

by November 6, 2023
November 6, 2023
Only Seven Days until Paper VAT Registrations Are Scrapped by HMRC

From the 13th of November, businesses will need to complete their VAT registration online as part of HMRC’s Making Tax Digital (MTD) strategy.

With only one week to go until the changes come into effect, Mariana Príncipe, Head of VAT Compliance at Ryan, outlines the benefits and gives advice for firms registering online for the first time.

Three Advantages of Going Digital

There are three key advantages to digital-only VAT registrations that will benefit both HMRC and businesses, including:

Faster turnarounds for VAT numbers – As the digital process will be quicker and can be completed from anywhere, there should be less of a wait for firms to get their VAT numbers.
Reducing the amount of paperwork – Completing the registration online will reduce the administrative burden for firms, as well as its impact on the environment.
More secure process – VAT registration in the UK requires highly sensitive information, including the passport details of the legal representative and the trade register. This information could be intercepted if sent by post, and emails can also be hacked easily. By completing the registration through HMRC’s secure online portal, the risk of private information falling into the wrong hands is reduced significantly.

Advice for People Registering Online for the First Time

While 95% of firms are already registering for VAT online, next week’s change could be daunting for the 5% that haven’t completed it this way before—but they shouldn’t panic.

HMRC’s online portal is one of the most user friendly in Europe, offering access to videos and webinars that are easy to follow. The tutorials go beyond VAT registration and cover topics like how to pay owed VAT, returns, and how to reclaim VAT, as well as sector-specific advice and access to other relevant forms.

What Could Be Digitalised Next?

HMRC is making fantastic strides on its MTD strategy, especially compared to other European countries. In Spain for example, to perform a VAT registration, it still requires an individual to book a meeting at a tax office and physically bring in the paperwork.

Coming up next, all eyes should be on the Form VAT652. This is the form that you have to complete if you are making a correction to your VAT return. At the moment, you can complete this form online or via a paper form, but I am sure it won’t be long before the paper option will be removed.

Read more:
Only Seven Days until Paper VAT Registrations Are Scrapped by HMRC

0
FacebookTwitterGoogle +Pinterest
previous post
British Steel plans to shut furnaces putting up to 2,000 jobs at risk
next post
Allica bank launches £10m EV fund dedicated to supporting businesses go electric

You may also like

Almost 70% of Brits want the retirement age...

September 1, 2023

FXSI Review 2025 | In-Depth Analysis of This...

April 1, 2025

Farmers warn food prices could rise as floods...

January 14, 2024

UK house prices fall after stamp duty rush...

April 7, 2025

UK oil and gas sector ‘must it must...

October 6, 2023

How Eric J. Hannon’s Experience in the United...

March 14, 2023

Treat investing in Cryptocurrency as gambling, MPs say

May 17, 2023

UK’s budding entrepreneurs stifled by cost of living...

December 15, 2023

British Businesses Show Support for Labour’s Innovation Agenda,...

March 14, 2024

HMRC has not charged a single company over...

January 22, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Bank of England expected to cut interest rates to 4% amid weakening UK economy

      August 7, 2025
    • OpenAI in talks over $500bn share sale, potentially surpassing SpaceX in value

      August 7, 2025
    • UK construction activity slumps to lowest level since Covid amid housing slowdown

      August 7, 2025
    • Getting to Know You: Stuart Davis, CEO & co-founder, Dubs Universe

      August 7, 2025
    • TSB brand under threat as £2.65bn sale to Santander approved by Sabadell shareholders

      August 7, 2025
    • Junk food banned from SNAP benefits in 6 more states, a win for MAHA advocates

      August 7, 2025

    Categories

    • Business (8,696)
    • Investing (2,179)
    • Politics (16,329)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved