5 February 2019
The UK tax authority (HMRC) recently confirmed that it has extended the Making Tax Digital for VAT pilot available to members of VAT Groups, partnerships and companies using the flat rate scheme.
During October 2018, the pilot was opened up to the public for testing and this enabled most taxpayers 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.
In preparation for MTD, Fiscal Solutions have developed a software to ensure compliance when filing client returns.
If you have any concerns about MTD and compliance, please contact us for advice and information.
LATEST NEWS
ECOFIN agrees a draft directive on the 2028 proposed...
During May 2025, the Economic and Financial Affairs Council (ECOFIN) agreed a draft directive relating to the VAT rules for distance sales of imported goods...
SEE MORE
LATEST NEWS
Philippines implements VAT on e-services provided by...
The Bureau of Internal Revenue (BIR) recently published Revenue Memorandum Circular No. 47-2025, this gives further detailed guidance relating to the...
SEE MORE
LATEST NEWS
REMINDER: Estonia standard VAT rate increases to 24%...
From 1 July 2025, Estonia will increase its standard VAT rate from 22% to 24%. The reduced VAT rates will also increase from 9% to 13% and from 5% to...
SEE MORE