Making VAT Digital (MVD) – Real Time Reporting across the EU
Here in the UK VAT registered businesses with a taxable turnover over £85,000 are already getting into the reality of the UK’s MVD regulations. Some UK entities do have a deferral date for MVD of the 1st October 2019. Across the EU however digital processes for VAT accounting continue to move apace. In Spain we understand that after a two year moratorium the Tax authorities have started to impose penalties for non-compliance on late or incorrect submission of Spanish SII files. This reporting requirement related to the need for businesses to report all invoices issued and received in real time to the tax authorities. A state of things to come in the UK as far as digital reporting of VAT data is concerned.