United Kingdom: Value-Added Tax (VAT) changes

Under VAT (Value Added Tax) changes that are effective as from 1 April 2010, traders with annual turnover of GBP 100,000 or more must file their VAT returns online and pay their VAT electronically, as do all businesses registering for Value-Added Tax (VAT) as from 1 April.

Payments by post for those who may pay other than electronically will be treated as received only when cleared funds reach the U.K. tax authorities' bank account, and new penalties apply to any person that issues an invoice including VAT that is not entitled to charge Value-Added Tax (VAT).