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Making Tax Digital
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HMRC’s Making Tax Digital initiative brings fundamental changes to the way indirect tax is reported and managed in the UK. It's part of a worldwide trend of governments demanding more data, more often from your business.
What EY can do for you
Global tax authorities are implementing new digital tax compliance and reporting rules. Businesses are under pressure to digitise and deliver more data, more often for auditing.
The UK initiative is HMRC’s Making Tax Digital (MTD), a £1.3bn investment, where HMRC aims to create one of the most digitally advanced tax administrations in the world.
The latest phase of MTD requires businesses to be MTD compliant from April 1st 2021.
MTD has three primary requirements which organisations need to comply with:
- Keep digital VAT records
- Show evidence a ‘digital journey’ from your source systems through to the VAT return
- Use authorised software to submit the 9-box VAT return figures to HMRC
We’re helping businesses of all sizes at every stage of readiness to comply with, and prepare for MTD.
On the technology side for large enterprise businesses we have our Global VAT Reporting Tool and for small businesses we have EY VAT for Excel. Coupled with our global transformation knowledge and advisory services, EY is the perfect partner to future-proof your indirect tax organisation.