[Infographic] Making Light Work of Making Tax Digital

Jeroen Wensveen
November 8, 2018

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.

Download the infographic

Download the infographic and get up to speed with MTD.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Jeroen Wensveen

As Principal of Indirect Tax Solutions at Sovos, Jeroen is responsible for building out and managing the VAT line of products and solutions available on the Sovos Intelligent Compliance cloud platform. Jeroen is a tax lawyer with over 20 years of international VAT experience, beginning his career as a consultant for PwC before serving as VAT director for Rockwell Automation, a global leader in industrial automation. Jeroen also co-founded VAT Resource, a successful VAT services and technology company, that was acquired by Sovos in 2014. Jeroen holds a master’s degree in tax law from the University of Leiden, The Netherlands.
Share This Post

Tax Information Reporting United States
2019-03-22
How to Respond to the Growing Challenges of 1099-R Reporting

The demographics don’t lie: Reporting for form 1099-R is only going to grow more difficult as baby boomers retire. The form used to report distributions from IRA, pensions, annuities and other similar retirement accounts is poised to explode in volume. As such, financial institutions (FIs) and insurance companies can’t afford to mishandle 1099-R reporting. The […]

E-Invoicing Compliance EMEA
2019-03-21
Portugal Issues New E-Invoicing Rules: A Flavour of Clearance but Not Quite There

On 15 February 2019, Portugal published Decree-Law 28/2019 regarding the processing, archiving and dematerialization of invoices and other tax related documents including: The mandatory use of certified invoicing software General requirements for paper and electronic invoices Dematerialization of tax documentation Archiving of tax documentation (including ledgers, etc) Adjacent tax rules and obligations The decree aims […]

EMEA LATAM VAT & Fiscal Reporting
2019-03-18
Are We in the Golden Age of VAT Recovery?

The value-added tax (“VAT”) was described in the EU as a “”money machine” over 20 years ago. Yet according to a 2015 study by the European Commission by the Centre for Social and Economic Research (CASE), the “VAT gap” was approximately 168 billion EUR. This represents 15 percent of the theoretical VAT that would be […]

Tax Information Reporting United States
2019-03-15
As Legal Sports Gambling Grows, So Does Growth in W-2G Reporting

With the NCAA basketball tournament approaching, the US is gearing up for its biggest gambling weeks of the year. And while most “March Madness” pools might technically be illegal, legitimate sports betting is sweeping the US following last year’s landmark Supreme Court decision allowing states to legalize sports gambling in casinos.   As legal sports […]

E-Invoicing Compliance EMEA Italy
2019-03-14
Italy E-invoicing: Esterometro Reporting Requirements for Cross-border Transactions Updated

What is Esterometro? The Italian government’s e-invoicing mandate became effective on 1 January 2019.  While cross-border invoices are exempt, all domestic B2B and B2C invoices must be cleared through the SDI platform. This means that the Italian government and tax authority now have real-time access to the data of all B2B and B2C VAT transactions […]