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
Sri Lanka defers non‑resident VAT on B2C...
Sri Lanka’s Inland Revenue Department (IRD) has announced a further deferral of VAT on digital services supplied through electronic platforms by...
SEE MORE
LATEST NEWS
Germany provides further guidance on how e-invoicing...
The German Ministry of Finance (Bundesministerium der Finanzen, BMF) has updated the e‑invoicing frequently asked questions on its website. The updated FAQs...
SEE MORE
LATEST NEWS
Slovakia proposing to extend domestic reverse charge...
Slovakia is considering expanding its domestic “reverse charge” VAT rules to certain higher risk services. The sectors reported to be in scope include IT...
SEE MORE