On Friday, July 13, 2018, HMRC released additional information regarding the Making Tax Digital initiative, which is currently set to go into effect in the United Kingdom on April 1, 2019. This new information, contained in VAT Notice 700/22, includes further details on the requirements of digital records and digital links where data transfer is made between software programs, products, or applications, as well as what constitutes functionally compatible software. In addition, HMRC published a Communications Pack, which is intended to help business stakeholders with the Making Tax Digital Initiative. This Communication Pack can be found here, and offers background information, timeline dates, as well as key messages from HMRC for businesses that will be impacted.
About the Author
Katie Smethurst is a Junior Regulatory Counsel at Sovos. Within Sovos’ Regulatory Counsel function, Katie focuses primarily on international and U.S. based indirect tax research and analysis. Katie is a member of the Massachusetts and New Hampshire Bars, earned her B.A. from Roger Williams University and earned her J.D. from Suffolk University Law School.More Content by Kaitlyn Smethurst