Do you e-submit?

JOHN PRICE considers the advantages of filing an electronic VAT return and paying electronically and advises that this is an offer too good to be missed.

SUBMITTING VAT RETURNS electronically is one of the best offers that HM Revenue & Customs have ever made to traders and tax professionals. Five good reasons come to mind.

1. There are an additional seven days — calendar days not working days — in which to submit the figures online. 31 July 2005 being a Sunday the due date for an electronic return was the Monday 8 August.
2. The taxpayer does also have to pay electronically — but not in the way one might think! If payment is by direct debit all one must do is to authorise it for future returns. From then on the sum declared will be collected automatically.
3. And the splendid news...