2019 saw hundreds of thousands of UK businesses register for HMRC’s “Making Tax Digital” reform that was officially implemented in April last year. But that was the easy part. VAT managers, fasten your seatbelts because it’s going to be a bumpy 2020. Phase 2 is coming…
In April 2019, the EU Commission made an important announcement regarding the e-Invoicing Directive which will impact all businesses across the EU. It is important that you understand the road map ahead and how this may affect your company.
Whether you’re a small business that has just registered for VAT, or are an existing company that has been submitting VAT returns for years, it’s important to remain up-to-date with compliance procedures changes as and when they pop up.
VAT registered businesses trading above the compulsory registration threshold (currently £85,000) will not be able to use manual records from 1 April 2019. Instead, businesses must use‘functional compatible software’ (digital records) to meet the new requirements.