UK Publishes the Value Added Tax Regulations 2018

Sovos
March 19, 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.  

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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.
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