30 September 2024
During September the UK unveiled a package of reforms that includes launching a consultation on how HMRC can support the introduction of electronic invoicing (e-invoicing) for business-to-government and business-to-business sales.
By introducing e-invoicing HMRC hopes to significantly reduce administrative tasks, improve cash flow, boost productivity, introduce automation, and reduce errors in tax returns, which should lead to cost savings for businesses and also help to close the £8.2 bn VAT Gap in the UK.
The consultation will gather feedback from businesses on how HMRC can support investment in and encourage the use of e-invoicing. The scoping and timing of the consultation will be announced during the October Autumn Budget announcements.
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