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.
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