Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: articles on VAT and GST in India :: cpt :: VAT RATES :: ACCOUNTING STANDARD :: list of goods taxed at 4%
 
 
VAT (Value Added Tax) »
 Cabinet clears key proposals on VAT, regularisation of jobs
 Cases of VAT overcharging flood consumer forum
 State seeks relief from Centre
 Flat rate VAT changes for small businesses explained
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation
 HC seeks Delhi, centre reply on restaurants charging excess VAT, service tax
 Shakti Autos booked for evading VAT, bogus sales

HMRC outlines plans for a web-led business tax system
August, 10th 2011

HM Revenues and Customs has outlined its plans to move the business tax system to a fully online service by April 2013.

The government publishedtwo consultation documents on Monday as the next step in moving towards a web-only VAT and tax system for business.
 
HM Revenues andCustoms (HMRC) is aiming to save s235 million moving to a web-led service, part of a four-year plan to reduce running costs by 25 per cent.

Figures from the National AuditOffice put HMRC's running costs at s3.6billion a year, and a target has been set to reduce those costs by s1.6 billion in the next four years.

Under the new web filing proposals, compulsory online VAT returns will be extended to businesses with a turnover of under s100,000 by April 2012.

At present, online VAT returns are only offered to existing businesses with a turnover of s100,000 or more, and all new businesses registering for VAT have been legally required to file VAT returns online and pay any VAT due electronically.

Registering online for other taxes when starting a business will become the default option for all entrepreneurs by April 2013.

HMRC also announced that it iscreating registration wizards to guide entrepreneurs throughthe process of setting up their tax records online.

Neil Whyte, tax partner with PKF, warns government efforts to reduce the paper burden cost in dealing with tax and VAT throws up worrying security issues.

He said: "Although doing all your tax paperwork online looks set to become the default option, it should never become the only option.

"Pushing all tax communication online may save money for HMRC but making it mandatory would spark opposition from those who worry about data security hardly a strong point for the tax authorities in recent years.

The Forum of Private Business recently highlighted cases where HMRC staff had not been trained to deal with electronic VAT returns, and is taking up to 50 days to verify VAT registrations.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions