Companies House to withdraw paper filing option in March 2013

Companies House has recently announced that paper filing of accounts, annual returns and company changes will no longer be acceptable for the majority of companies after March 2013.

There will be a number of benefits for customers, such as ease of use, increased security, lower fees and a higher right first time percentage. By moving to digital reporting, Companies House also hopes to be able to introduce new products which will make it easier for accountants to analyse, compare and benchmark company information.

Digital services are a lot cheaper than their paper equivalent and these are passed on to users through lower fees. Customers save 50% by filing their annual returns electronically and 25% by doing their incorporation electronically. Companies House say the new changes will save customers an estimated £2 million as a result of lower fees.

In other news, contractor accountants may want to check that their clients are registered for VAT after HMRC announced its latest crackdown on tax evasion.

The Revenue is going to send letters to firms it suspects of trading above the VAT turnover threshold, advising them how to register and settle what they owe.

Mike Wells, a director at HMRC, said the Revenue was running campaigns to make sure everybody pays the tax they owe in order to fund the public services we all use. The department wants to make it easy for people to disclose their income and pay a reduced penalty on outstanding tax liabilities.

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