VAT Changes from 1st April 2010

1. Any VAT-registered contractors with turnovers of £100,000 or more (excl. VAT) will need to submit their VAT returns online, and also pay their VAT liabilities electronically.
2. Any new businesses registering for VAT from 1st April will automatically need to deal with VAT electronically from the start, regardless of turnover.
3. All VAT cheque payments sent via post are only deemed to be 'received' by HMRC once cleared funds reach HMRC's bank account, rather than the date with the cheque was actually received. Businesses are therefore urged to allow enough time for cheque payments to reach HMRC, or late payment surcharges may be applied.
4. Any business or person issuing a VAT-inclusive invoice, when they are not entitled to charge VAT, will be subject to a new VAT 'wrongdoing penalty', which will be a percentage of the unlawfully charged amount of VAT on the invoice.
5. The VAT registration threshold rises from £68,000 to £70,000 from 1st April 2010. The de-registration limit rises to £68,000.
You can register to file your VAT returns online here, or your accountant may do this on your behalf, so check fir
Ref: contracteye.com
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Lakshmi Vilas signs MoU with LIC

To achieve its ambitious growth plan, Lakshmi Vilas Bank (LVB) plans to take both the organic and inorganic route to grow, its Managing Director and CEO, Mr K.S.R Anjaneyulu, said. Speaking to the media after signing a Memorandum of Understanding (MoU) with the Life Insurance Corporation of India for marketing the latter's product offerings through LVB's branch network, Mr Anjaneyulu said: “we will require capital to keep pace with our growth plans. We plan to enhance equity for the bank and its subsidiary.” He said he would be unable to divulge more details at this point as such issues would have to be cleared by the Board
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