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Digital future
Key points
- Timing is crucial for businesses signing up to MTD for VAT.
- MTD stands to be the foundation for a sea change in UK taxation.
- Latin American countries pioneered electronic invoicing and real-time reporting.
- Digitalisation will enable HMRC to pick up discrepancies quickly.
- Businesses should modernise the rest of their finance functions.
Working in the world of finance and more specifically taxes it has been impossible to ignore the furore surrounding Making Tax Digital (MTD). The swirling uncertainty of Brexit has not knocked the scheme off course with it having gone live for VAT-registered businesses on 1 April 2019.
Laid out simply the scheme aims to update the manual VAT return submission for UK businesses – ensuring that the data is sent using an API into an HMRC portal where it will be stored. The 1 April deadline referred to businesses with an annual taxable turnover of more than £85...
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