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Businesses that are using year planners to note when they need to send in their VAT returns may be in a better position to avoid a last-minute panic.
HM Revenue & Customers has announced that there will be changes to the tax return system from April 1st next year, meaning all VAT-registered companies in the UK will have to send their returns online and pay their value added tax electronically from 2012.
Switching to online entry means firms will receive an automatic acknowledgement that their tax return has been sent in, they will be able to use an arithmetic checker to ensure they have calculated their finances correctly, and they will also be sent an email alert to remind them of the date of their next online return, which they can jot down on their wall planners.
"If you're not already filing your VAT online, switching now makes sense. By doing this, you'll avoid a last-minute rush, and be able to enjoy the benefits of online filing sooner rather than later," HMRC commented.
Meanwhile, insurance company More Th>n has warned businesses of the damage that winter flooding can cause to companies' operations.
In the event of an office or business premises being flooded after heavy rains, it might be a good idea to ensure that all staff have the office supplies they need to get their work finished at home or in another remote location.
This will help the employees stay on track and carry on with their workload while their office gets sorted out, ensuring that production does not slip in the run up to the festive period.
Managers might also be able to get hold of sand bags from the local council to prevent floodwater getting in to a building, while keeping important documents in security safes will make sure they are not destroyed.