UK Making Tax Digital: Legislation Published

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.

LATEST NEWS

Emergency VAT measures to combat the financial impact...

Due to the negative financial impact that the Coronavirus pandemic is having on businesses all over the world, a number of tax authorities have implemented...

SEE MORE
LATEST NEWS

UPDATE: EU warns 14 member states on delay in...

The European Commission (EC) has issued formal notice letters to 14 European Union (EU) member states, warning them on their failure to implement the four...

SEE MORE
LATEST NEWS

France relaxes conditions for Import VAT Postponed...

From January 2021, France will drop all requirements on businesses who are entitled to use the Import Value-Added Tax (VAT) Postponed Accounting regime in the...

SEE MORE

Gated Content

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