UK: Making Tax Digital for VAT


#1

From 1st April 2019 organisations that are VAT registered in the UK will have to comply with new rules for “Making Tax Digital”:

The regulations will provide that a business is in scope for MTD must use functional compatible software to meet the new requirements.

Functional compatible software means a software program or set of compatible software programs which can connect to HMRC systems via an Application Programming Interface (API). The functions of the compatible software must include:

  • keeping records in a digital form as required by the regulations
  • preserving digital records in a digital form as required by the regulations
  • creating a VAT return from the digital records held in functional compatible software and providing HMRC with this information digitally
  • providing HMRC with VAT data on a voluntary basis
  • receiving information from HMRC via the API platform in relation to a relevant entity’s compliance with obligations under the regulations

https://www.gov.uk/government/consultations/making-tax-digital-reforms-affecting-businesses/making-tax-digital-for-vat-legislation-overview

Is this something that any InvoicePlane users or developers have looked at or are considering supporting?


#2

Last Update: 2018-11-06


#3

That sound too specific to be integrated into invoice plane. Having a VAT management and submission system can be its own animal, as you have to consider paid VAT, which IP does not support, and consider things like VAT exempt and additional currencies.

It might be a good idea, however, to be able to create a journal of VAT received, so that can be exported to a VAT submission system.


#4

That sound too specific to be integrated into invoice plane. Having a VAT management and submission system can be its own animal, as you have to consider paid VAT, which IP does not support, and

It might be a good idea, however, to be able to create a journal of VAT received, so that can be exported