On Friday, July 13, 2018, HMRC released additional information regarding the Making Tax Digital initiative, which is currently set to go into effect in the United Kingdom on April 1, 2019. This new information, contained in; VAT Notice 700/22, includes further details on the requirements of digital records and digital links where data transfer is made between software programs, products, or applications, as well as what constitutes functionally compatible software. In addition, HMRC published a Communications Pack, which is intended to help business stakeholders with the Making Tax Digital Initiative. This Communication Pack can be found here, and offers background information, timeline dates, as well as key messages from HMRC for businesses that will be impacted.
UK Publishes Additional Guidance for Making Tax Digital Initiative
Sovos
July 16, 2018
Sign up for Email Updates
Stay up to date with the latest tax and compliance updates that may impact your business.
Author
Sovos
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
Share This Post