Paying VAT by BACS
Author
Discussion

CIS121

Original Poster:

1,273 posts

243 months

Tuesday 18th December 2007
quotequote all
I currently pay PAYE by BACS, but have always completed the paper VAT form. I'm looking to pay electronically in future, but do I have to post the return to them in addition so they have all the breakdown of where the VAT sum has come from?

Glassman

25,061 posts

245 months

Tuesday 18th December 2007
quotequote all
Submit the figures by post and pay online. Done.

CIS121

Original Poster:

1,273 posts

243 months

Tuesday 18th December 2007
quotequote all
Thanks. So it sounds like even by paying online, you still need to post teh form?

Glassman

25,061 posts

245 months

Tuesday 18th December 2007
quotequote all
Yes. The payment reference will be your VAT number. They will reconcile everything at their end.

Tax doesn't have to be taxing. paperbag

CIS121

Original Poster:

1,273 posts

243 months

Tuesday 18th December 2007
quotequote all
Should I be posting the yellow PAYE slip as well? Istarted by BACS for PAYE last month and haven't so far.

Seems a bit pointless paying online then unless you're keen to maximise cashflow

touching cloth

11,706 posts

269 months

Tuesday 18th December 2007
quotequote all
No need to post form, you can indeed file a return online, you do have to enrol for the online service first however (which I remember being a somewhat clunky procedure to register for), once set up it works pretty well however. You login, get an online representation of the VAT form to complete and bobs yer uncle.

Wings

5,970 posts

245 months

Tuesday 18th December 2007
quotequote all
Glassman said:
Submit the figures by post and pay online. Done.
No, No, No, register with HMR&C for online VAT return, then make all future payments by BAC.

Griff Bitch

2,187 posts

239 months

Tuesday 18th December 2007
quotequote all
Wings said:
Glassman said:
Submit the figures by post and pay online. Done.
No, No, No, register with HMR&C for online VAT return, then make all future payments by BAC.
thumbup Did my first one today, and if you file online you get longer to pay, money has to reach them by 7th.

arfur

4,016 posts

244 months

Wednesday 19th December 2007
quotequote all
VAT online ... register for it and setup a DD ... you get to keep the money for an extra 10 days ( put it in an interest account )

PAYE .. Register for all the online services at HMRC and then just pay them a lump sum over internet banking. Your accounts will show the breakdown at the end of the year for Tax / NI etc

Arf

jon225

7 posts

227 months

Wednesday 19th December 2007
quotequote all
Online filing of VAT returns is to be highly recommended.

The big advantage apart from not getting it lost/stolen in the post is that you can file it and forget it. No matter how early in the month you file the return, HMRC do not d/d the funds until about 10 days after the end of the month that it is due.

davidd

6,718 posts

314 months

Wednesday 19th December 2007
quotequote all
we do vat online, however it took them several months to sort the dd out. Which meant we had to pay normally...

Until they decided to let us pay normally and take the dd...

Which leaves us £20k short...

Genius

Still they made it nice and easy for us to get the cash back, sorry silly me, it has been a really pain to get our cash back..

D