VAT news tagged as "Making Tax Digital"

United Kingdom

UK MTD pilot goes public; Oct 2019 groups & non-resident delay

October 16th, 2018

HMRC announced today that it is opening the test pilot for its Making Tax Digital for VAT programme to the public.  However, HMRC also announced that it is deferring the MTD obligations for group VAT returns, non-residents and certain other use cases until October 2019. MTD will require digital transactional recording and filing of UK VAT …

United Kingdom

Avalara MTD Filer FREE tool for HMRC’s MTD

October 4th, 2018

From 1 April 2019, more than 2 million VAT-registered businesses will be required to digitize their accounting and VAT filing for the new HMRC Making Tax Digital (MTD) requirements. This ends manual keying-in of VAT return data on HMRC’s existing online VAT platform, which HMRC says is used for 88% of current VAT filings. HMRC …

United Kingdom

UK Making Tax Digital pilot goes public

September 20th, 2018

The UK’s HRMC has confirmed the next-stage plans for its Making Tax Digital (MTD) for VAT pilot. The pilot is aimed at helping develop filing solutions to ensure businesses are ready to file returns on the new HMRC API platform from 1 April 2019. So far, the pilot has been closed just to software developers …

United Kingdom

HMRC issues Making Tax Digital guidance

July 31st, 2018

On 13 July 2018, HMRC published Notice 700/22, updating its requirements for Making Tax Digital (MTD) for VAT. This explains the rules on: Record keeping; Special recording circumstances; The use of obligatory ‘functional compatible software; and The linkage of software packages where a combination of programs are used. Who must comply – turnover test From …

United Kingdom

Digitisation of VAT Reporting

April 5th, 2018

European countries are increasingly demanding detailed electronic VAT transactional reporting from businesses to help them efficiently track tax due and reduce significant tax evasion. This includes: EU SAF-T; Making Tax Digital in the UK; live invoice reporting in Spain, Hungary and Italy; and Control Statements. Many countries have now introduced voluntary and mandatory transaction reporting …

United Kingdom

UK MTD VAT delay – early upgrades required

February 9th, 2018

The latest VAT implementation date for the UK’s Making Tax Digital, 1 April 2019, means most resident and non-resident businesses will be forced into preemptive accounting system changes in 2018. MTD – 1 April 2019 VAT filings MTD will require all VAT registered businesses to record all transactions digitally. In addition, they must then submit their …