News

March 10, 2010

HMRC super podcast helps firms prepare for tax changes

Employers can find out how to prepare for changes to VAT payments, PAYE and corporation tax, following the launch of a “Super Podcast” by HM Revenue & Customs (HMRC).

The podcast, which covers four key areas rather than the usual one, includes important VAT changes which come into effect on 1 April 2010. From this spring, VAT-registered traders with annual turnovers of £100,000 or more (excluding VAT) will have to file their VAT returns online and pay electronically. Any business registering for VAT from April will also have to file their returns online and pay electronically.

The 13-minute podcast also covers the need for all employers, regardless of size, to file their Employer Annual Returns online by 19 May. Previously, only employers with 50 or more staff were required to file online.

The other two areas covered include details of new penalties due to be introduced this May for late payment of PAYE and the key changes to corporation tax filing and payment due to be introduced in 2011.

“Our Super Podcast is a great way for businesses to remind themselves about some of the major changes on the horizon affecting VAT, PAYE and corporation tax,” said HMRC’s business customer unit director, Stephen Banyard.

“Whether you’re a VAT-registered trader, employer or limited company, we’d urge you to take the time to download and listen to it, to help ensure you’re prepared for the changes,” he added.

• To download the Super Podcast in either audio or PDF format, visit the HMRC website