Type: Legislation, Trend
The United Kingdom has adopted the Making Tax Digital reforms for the VAT in 2019. Businesses over the VAT threshold are now required to administrate VAT records digitally and to submit their VAT return data to the revenue service through software. Companies with more complicated VAT accounting systems are required to fill their VAT returns digitally in early 2020. Implementation seemed to go smoothly, but the system crashed 3 times in 3 consecutive days early January 2020, which coincided with the VAT filing deadline of January 7, 2020.
Effective date: During 2019-2020