- Rachel Reeves has announced the UK’s intention to promote e-invoicing
- E-invoicing is the process of creating, sending, receiving, and processing invoices in a digital format
- Tax authorities use e-invoicing to combat VAT fraud and enhance revenue collection
- Benefits of e-invoicing include reduced cost, time, errors, secure transmission, environmental benefits, and immediacy
- Several European countries and Malaysia have introduced or are in the process of introducing mandatory e-invoicing
- The EU plans to introduce mandatory EU-wide e-invoicing as part of VAT reforms, but this may not happen before 2030
- HMRC is expected to launch a consultation on e-invoicing at the Autumn Budget on October 30
- It will take at least 3 years for businesses to implement new IT systems for e-invoicing based on other countries’ experiences
Source: mha.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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