UK issue an overview of the “Making Tax Digital” legislation

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The UK tax authority (HMRC) has recently issued an overview of the “Making Tax Digital” (MTD) legislation for VAT, which will come into effect from April 2019.

From this date, businesses with a turnover greater than the VAT registration threshold of £85,000 will be required to use the system to provide summary tax data directly to the tax office. That data is then used to automatically generate tax records, instead of manually calculating and filing a VAT return.

Once implemented the new system will also synchronise VAT reporting requirements with income tax and corporation tax obligations.

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