From 5 of August 2024, HMRC will require all VAT registration changes to be made through the VAT online account. This move is part of HMRC’s ongoing efforts to streamline processes, enhance security, and reduce delays.
For our clients, it’s crucial to understand these changes and prepare accordingly to ensure compliance and avoid any disruptions in your VAT affairs.
What is Changing?
HMRC has announced that any request to change your VAT registration details must be made using the VAT online account.
This new requirement means that traditional methods, such as the VAT484 form or any other postal or electronic means, will no longer be accepted from 5th August 2024.
Why the Change?
HMRC’s shift to a digital route for VAT registration changes offers several benefits:
- Efficiency: Digital submissions are processed faster than paper forms, reducing waiting times.
- Security: Online transactions are more secure, minimizing the risk of fraud or errors.
- Avoiding Delays: Automating the process helps prevent unnecessary delays, ensuring your VAT registration details are updated promptly.
When Do You Need to Change VAT Registration Details?
You need to update your VAT registration details in the following situations:
- Business Address Changes: When your business moves to a new location.
- Name Change: If there is a change in your business name.
- Business Structure Changes: If there are significant changes in your business structure, such as moving from a sole trader to a limited company.
- Adding or Removing VAT Groups: If you add or remove any companies from your VAT group.
- Bank Details: When there are changes to the bank account you use for VAT purposes.
What do I need to do?
To prepare for this change, we recommend the following steps:
- Ensure Access: Make sure you have access to your VAT online account. If you haven’t set it up yet, now is the time to do so.
- Update Information: Review and update your VAT registration details before the deadline to avoid any issues.
- Seek Help: If you encounter any difficulties, don’t hesitate to reach out for assistance, whether through HMRC’s support services or our office.
VAT can be a complex tax, but it doesn’t have to be. For small businesses, in particular, there are a number of VAT schemes that can simplify the process and make it easier to comply with the VAT rules.
