UK plan to overhaul electronic VAT reporting system

31 May 2017

The UK tax authorities are planning to overhaul the reporting of VAT by introducing a new reporting system called “Making Tax Digital” (MTD).

It is hoped that the new system will be in use from April 2019 onwards and once implemented it will synchronise VAT reporting requirements with income tax and corporation tax obligations.

Businesses with a turnover greater than £10,000 will be required to use the system and to provide summary tax data that is then used to automatically generate tax records, instead of manually calculating and filing a VAT return. This measure will be separate from the VAT registration threshold, so businesses that are not VAT registered will not be affected.

LATEST NEWS

Norway consults on VAT rule changes relating to...

The Norwegian Ministry of Finance has launched a public consultation relating to the VAT treatment of non-digital services supplied by non-resident suppliers...

SEE MORE
VAT news
LATEST NEWS

European Council confirms that VAT is due on online...

The European Council has amended the EU wide VAT directive (No. 2022/542) relating to the place of supply for live virtual events. The amendment confirms that...

SEE MORE
VAT news
LATEST NEWS

UPDATE: European Council allow Poland to implement...

The European Council has allowed Poland to amend its electronic invoicing legislation to make it mandatory for businesses to use the regime from as early as...

SEE MORE
VAT news

Gated Content

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