UPDATE: UK Making Tax Digital implementation

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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.

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