- Chartered Accountants Ireland (CAI) supports the promotion of electronic invoicing (e-invoicing) in the UK but emphasizes the need for a gradual, well-planned approach, recommending a voluntary adoption phase, especially for small and micro businesses, along with grant incentives and tax reliefs to facilitate uptake.
- The organization calls for a decentralized e-invoicing system aligned with EU standards to avoid complexity and differing requirements for Northern Ireland, highlighting the importance of stakeholder engagement and extensive testing before any mandatory implementation.
- CAI stresses the need for sufficient lead-in time and a dedicated support team within HM Revenue and Customs (HMRC) to assist businesses with the transition to e-invoicing, and advocates for a thorough review of the UK VAT regime to simplify processes and address existing complexities before introducing new systems.
Source Chartered Accountants
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
Latest Posts in "United Kingdom"
- New Updates on Correcting VAT Errors: Key Changes and Guidance for Businesses
- Colleges Win £2.8 Million Tax Rebates Amid VAT Rule Dispute with HMRC
- Tribunal Rules on VAT Status of Government Grants for Free Educational Services by Colleges
- The UK Should Lower or Abolish, Not Raise, Its VAT Registration Threshold
- UK Should Lower or Abolish VAT Threshold to Boost Small Business Growth and Efficiency
