- HMRC’s recent consultation on e-invoicing aims to align the UK with the EU’s VAT in the Digital Age framework, driving efficiency in digital tax reporting and real-time compliance as countries worldwide increasingly mandate e-invoicing for transactions.
- Although e-invoicing is legally permitted in the UK, its adoption remains low despite potential benefits such as enhanced productivity, improved cash flow, and streamlined tax reporting, necessitating businesses to integrate compliance directly into their transaction systems to meet real-time reporting requirements.
- As businesses prepare for the transition to real-time e-invoicing, they can adopt various models (Post-Audit, Clearance, Hybrid) while investing in technology, engaging with tax authorities, and prioritizing compliance to mitigate risks and adapt to evolving regulations, particularly in light of HMRC’s ongoing consultation and future changes.
Source Techradar
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
Latest Posts in "United Kingdom"
- Potential VAT Changes for Travel Businesses: UK and EU TOMS Reforms, New Platform Rules
- VAT Fraudster Arif Patel Loses Ferrari and £90m Property Empire in HMRC Crackdown
- UK Internal Market Act Reforms Enhance Trade, Flexibility, and Collaboration Across Nations
- UK Unveils Post-Brexit Trade Strategy to Boost Exports and Protect Domestic Industries
- Tribunal Rules Separate Supplies in United Carpets Case, Rejects Legitimate Expectation Claim Against HMRC
