VAT news tagged as "Making Tax Digital"

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 …

United Kingdom

UK MTD – VAT landmine for large taxpayers

January 31st, 2018

The UK’s 2019 Making Tax Digital (‘MTD’) proposal, to require all business to store and report digital VAT return data, has largely been portrayed as targeting small/micro businesses. The aim of MTD to improve accuracy of submissions, and reduce fraud opportunities. However, MTD includes a requirement for a complete digital journey for data that will …

United Kingdom

UK Making Tax Digital VAT consultation

January 19th, 2018

The UK has released draft regulations for consultation and draft VAT notice for the April 2019 launch of Making Tax Digital (MTD) VAT. A pilot for tax payers, agents and software providers is scheduled to start in April 2018. Making Tax Digital for VAT April 2019 MTD is an ambitious programme to digitize tax records …