- ICAEW recommends voluntary adoption of e-invoicing, delaying mandatory implementation until at least 1 January 2030.
- The consultation explores whether e-invoicing should be mandatory and the potential for real-time data reporting to HMRC.
- ICAEW supports e-invoicing for its benefits in productivity, cost reduction, payment times, cash flow, tax compliance, and revenue increase.
- Many countries have e-invoicing mandates; the UK lacks a coordinated policy, risking business disadvantage and deterring investment.
- Successful e-invoicing requires careful planning, support, and alignment with international standards.
- ICAEW suggests a decentralised model with clear, consistent, and flexible standards.
- Voluntary adoption should be prioritized, with mandatory adoption considered only after evaluation and not before 2030.
- Real-time reporting and additional services should be approached cautiously.
- Further consultation on implementation issues is recommended.
Source: icaew.com
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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