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Making Tax Digital in the UK
The UK Government is pressing ahead with plans to introduce digital recordkeeping and reporting for tax.
A trial of digital VAT reporting in the UK is due to start in 2018, with digital recordkeeping and reporting for VAT to become compulsory for all businesses with turnover over the VAT threshold (£85,000) from April 2019. This will include non-UK businesses whose UK turnover subject to VAT is over the threshold. Digital reporting for other taxes is expected to follow, possibly from as early as 2020.
Businesses likely to be affected by the VAT changes should start preparing now. Although information on software options is still limited, businesses should evaluate their current recordkeeping and VAT return processes and identify where change will be needed. There is no one-size-fits-all solution to digital reporting. Much will depend on the complexity of current recordkeeping systems and processes, and on how digital the business already is.
For more information, contact:
David McGeachy
Saffery Champness, UK
T: +44 (0)20 7841 4000
E: david.mcgeachy@saffery.com
W: www.saffery.com
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