The UK’s Making Tax Digital programme came into effect in 2019. MTD mandates that firms must keep digital records and submit their VAT returns electronically. The UK government has since implemented the more extensive MTD Phase 2. MTD2 has more rigorous digital compliance requirements. (You can read more about how MTD affects your business in the Vatglobal resource library.)
Of course, MTD is not simply about creating new laws for VAT compliance. The UK’s electronic VAT filing programme is supposed to reduce errors and ultimately make it easier for businesses to meet their VAT compliance obligations.
And, at least according to a new UK government overview, MTD is showing signs of success.
Source VATglobal
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