UK Businesses Advised to Brace for Impact as EU VAT Changes Loom
Experts are sounding the alarm on potential repercussions for UK businesses in the wake of the EU's impending VAT regulatory overhaul. With the UK no longer an EU member, adapting invoicing and bookkeeping systems becomes crucial for continued trade with EU partners.
According to Andy Gibbs from TaxAssist Accountants, the VAT in the Digital Age (ViDA) proposal carries substantial shifts in tax compliance obligations. Businesses are urged not to underestimate the impact of these changes, which include real-time digital reporting through e-invoicing and new rules for the digital platform economy. Embracing these shifts could offer data-driven opportunities in the realm of indirect taxation.
The EU's reforms, aimed at enhancing tax system efficiency and curbing fraud, will be in effect between 2024 and 2028. With VAT fraud costing billions, these changes seek to modernize the system and simplify processes for cross-border trade within the EU.
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