In December 2015, Her Majesty’s Revenue & Customs (HMRC) in the UK produced its Making Tax Digital (MTD) roadmap, the pathway by which it would reach its ambition “to become one of the most digitally advanced tax administrations in the world.”
MTD becomes a reality on 1 April 2019 for all VAT registered business with a taxable turnover above the threshold of £85,000. Businesses will need compatible software that meets the specification requirements to handle the VAT return files, demonstrate a clear electronic audit trail and connect to the HMRC systems through an Application Programming Interface (API).
The Sovos VAT Reporting Cloud solution is MTD-ready and ensures a seamless digital journey for all UK and international VAT filings.
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About the AuthorMore Content by Jeroen Wensveen