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
Hungary to introduce mandatory digital VAT filing from...
From 1 January 2027, all businesses registered for VAT in Hungary will be required to file their VAT returns through the country’s eVAT, or eÁFA, system...
SEE MORE
LATEST NEWS
EU customs reform increases responsibilities for...
In September 2026, the EU formally adopted a new Customs Code that will significantly change how goods are imported into the EU. Although the reforms apply...
SEE MORE
LATEST NEWS
Germany plans import VAT accounting reform
Germany is planning to introduce a new import VAT accounting system from 1 January 2030, which could significantly improve cash flow for businesses importing...
SEE MORE