UK Publishes VAT Regulations Requirements Pertaining To Digital Record-Keeping

March 15, 2018

On February 28, 2018, the HMRC Commissioners presented the VAT Regulations Amendments for 2018 to the House of Commons. The amendments would become effective on April 1, 2019, and are intended to inform businesses impacted by the Making Tax Digital Initiative of their digital record-keeping requirements. Notably, the Amendments clarify the type of information required to be kept in digital format, the definition of functionally compatible software, and the exemptions available to businesses who will not be required to meet this digital standard.

The text of the Amendments can be seen here, and the explanatory memorandum issued to accompany the changes is found on the third tab of that publication. 

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