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