2 October 2018
The UK tax authority (HMRC) recently provided an update confirming that it is implementing the next phase of its Making Tax Digital (MTD) program during October 2018.
During the next phase, the pilot will be opened up to the public for testing and this will enable any taxpayer to submit VAT returns using the new system.
As stated in our previous article, MTD will require VAT registered businesses to use special software to provide summary tax data directly to the tax office electronically. This data will then be used to automatically generate tax records, instead of manually calculating and filing a VAT return.
Once fully implemented the new system will also synchronise VAT reporting requirements with income tax and corporation tax obligations for resident UK businesses.
LATEST NEWS
France clarifies e‑invoicing and e‑reporting...
France has updated its enforcement rules relating to the September 2026 introduction of mandatory e‑invoicing and e‑reporting for VAT registered...
SEE MORE
LATEST NEWS
Spain confirms new timeline for the introduction of...
The Spanish Council of Ministers recently approved a Royal Decree mandating the use of electronic invoicing in all business-to-business (B2B) transactions...
SEE MORE
LATEST NEWS
EU member states push for the introduction of a €2...
The EU Council are currently negotiating the introduction of a €2 customs handling fee on low‑value imports (under €150), with an initial start date of...
SEE MORE