UK Publishes the Value Added Tax Regulations 2018

The finalized Value Added Tax Regulations for 2018 (herein "VAT Regulations") have been published by the United Kingdom's Parliament. The VAT Regulations clarify the digital record-keeping requirements that have been announced under the Making Tax Digital (MTD) initiative, starting April 1, 2019. Included in the VAT Regulations are definitions for "functionally compatible software" and "API", as well as detailed lists of the information that will be required to be stored electronically by VAT-registered businesses after April 1, 2019. VAT-registered businesses will be found non-compliant with VAT reporting obligations in the United Kingdom after April 1, 2019, if their electronic VAT records are not maintained on functionally compatible software that is capable of communicating with the HMRC API, or if these electronic VAT records do not contain the specific information required under the VAT Regulations. 

For further information on these new VAT Regulations, please find the Parliament's published version here.  

Author

Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.
Share This Post