Consultation on electronic invoicing promised

HMRC will soon launch a consultation on electronic invoicing (e-invoicing) to promote its wider use across UK businesses and government departments revealed chancellor of the exchequer Rachel Reeves. This is part of a package of reforms she announced at the Labour party conference aimed at improving the UK’s tax system.

The introduction of e-invoicing is expected to reduce administrative tasks improve cash flow boost productivity introduce automation and reduce errors in tax returns – all helping to close the tax gap. The consultation will gather input from businesses on how HMRC can support investment in and encourage e-invoicing uptake.

The chancellor also announced that exchequer secretary to the Treasury James Murray has become the chair of the HMRC board. This is to help oversee the implementation of his three strategic priorities for HMRC: closing the tax gap modernising and...