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
EU confirms €3 customs duty and VAT treatment for...
From 1 July 2026, the EU will remove the current customs duty exemption for goods valued at €150 or less. Instead, a temporary €3 customs duty per item...
SEE MORE
LATEST NEWS
EU council struggles to agree on the removal of the...
The EU is struggling to finalise changes to its Import One Stop Shop (IOSS) system as part of the 2028 Customs Reforms, with member states divided over plans...
SEE MORE
LATEST NEWS
Austria proposes a €2 customs charge on a per parcel...
Austria is proposing to impose a €2 charge on e-commerce low-value imports (under €150) entering Austria from outside the European Union from October...
SEE MORE