UK tax authorities have issued a new policy paper on extending the Making Tax Digital for VAT programme. Currently, VAT registered businesses trading above the compulsory VAT registration threshold must comply with digital VAT filing.
Making Tax Digital
Earlier this week (21 July 2020), The UK government released their corporate report titled “Building a trusted, modern tax administration system” which highlighted the next steps of HMRC’s Making Tax Digital programme while also lauding
April 1 2020, was meant to be the date that HMRC launched phase II of making Tax Digital across the UK. However, due to COVID-19, they have made the decision to postpone the rollout by one year to April 1 2021.
As tax moves into the digital world, hundreds of thousands of organisations across Europe will face substantial challenges when it comes to adhering to VAT.
Watch Gareth Kobrin, CEO of VATGlobal & Abbey Heller, of SAP Concur, discuss the upcoming Making Tax Digital deadline.