At the end of this month, it’s the big one – the delayed phase II of HMRC’s Making Tax Digital for VAT (‘MTD’). Over one million VAT registered businesses face tough new obligations on digital recordkeeping and the ‘digital journey’ on their VAT data. HMRC is looking to expunge over half a billion pounds in VAT errors with this phase of digitising VAT reporting. What that means for businesses of all sizes is the outlawing of manual data adjustments, manipulation in spreadsheets or most manual calculations of VAT data.
Source: accountancyage.com
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