29 March 2018
The UK tax authority (HMRC) recently published a final version of the legislation that will introduce new digital reporting obligations from April 2019.
As stated in our previous article, when introduced, 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 electronically. This data will then be used to automatically generate tax records, instead of manually calculating and filing a VAT return.
Once fully implemented the new system will also synchronise VAT reporting requirements with income tax and corporation tax obligations.
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