UK issue an overview of the Making Tax Digital legislation

28 September 2017

The UK tax authority (HMRC) has recently issued an overview of the Making Tax Digital (MTD) legislation for VAT, which will come into effect from April 2019.

From this date, businesses with a turnover greater than the VAT registration threshold of £85,000 will be required to use the system to provide summary tax data directly to the tax office. That data is then used to automatically generate tax records, instead of manually calculating and filing a VAT return.

Once implemented the new system will also synchronise VAT reporting requirements with income tax and corporation tax obligations.

LATEST NEWS

Sri Lanka proposing to apply VAT on B2C e-services for...

The Inland Revenue Department of Sri Lanka is planning to implement VAT on electronic services supplied by non-resident companies to consumers from March...

SEE MORE
VAT news
LATEST NEWS

2025 SME Special Scheme introduces pan-EU €100,000...

To reduce the VAT compliance burden for small to medium-sized enterprises (SMEs) in the EU, many member states have implemented an 'SME Scheme', which exempts...

SEE MORE
VAT news
LATEST NEWS

Romania proposes to extend mandatory e-invoicing to...

Romania has announced plans to extend its electronic invoicing regime to business-to-consumer (B2C) transactions for both VAT-registered resident and...

SEE MORE
VAT news

Gated Content

The following email providers are not accepted: gmail, hotmail, yahoo. Please use proper company email.