Olga Bondar (Grant Thornton) considers the impending fundamental change to how VAT is to be reported.
A fundamental change is on the horizon which will bring the UK tax system kicking and screaming into the 21st ‘digital’ century. In July 2017 HMRC introduced the concept in a policy paper Making tax digital which set out how it would provide businesses with a modern streamlined system to keep their tax records and pass information to HMRC.
Making tax digital (MTD) is to be introduced in a number of phases: the first relates to VAT reporting and is scheduled to be introduced from April 2019. The new system will mean that entities (including businesses charities and public bodies) with a turnover above the VAT registration threshold (there are few exemptions) will to a greater or lesser extent be required to upgrade their accounting systems...
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Olga Bondar (Grant Thornton) considers the impending fundamental change to how VAT is to be reported.
A fundamental change is on the horizon which will bring the UK tax system kicking and screaming into the 21st ‘digital’ century. In July 2017 HMRC introduced the concept in a policy paper Making tax digital which set out how it would provide businesses with a modern streamlined system to keep their tax records and pass information to HMRC.
Making tax digital (MTD) is to be introduced in a number of phases: the first relates to VAT reporting and is scheduled to be introduced from April 2019. The new system will mean that entities (including businesses charities and public bodies) with a turnover above the VAT registration threshold (there are few exemptions) will to a greater or lesser extent be required to upgrade their accounting systems...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")