“With effect from 1 April 2019, if your taxable turnover is above the VAT registration threshold you must follow the rules set out in this notice.”
MTD for VAT
Why is this an Accounts Payable Issue?
Well, Section 3 of the legislation specifically relates to the life-cycle of an invoice received by an organisation. More importantly, the audit trail and way in which information is gathered, managed and maintained…
For example, all invoices must be retained in the format in which they are processed.
- Manually processed – physical copy must be stored.
- Electronically processed – physical copy no longer required.
How will the effect users of scan to archive technology?
We ran a complimentary webinar on the 20th November where we looked at section 3 of MTD for VAT in more detail, and considered what impacts this may have on accounts payable teams across the UK.
We also spent some time looking at how MTD for VAT sits within a larger, global, trend towards VAT handling and financial processes.
Presented by:
John Stovold: UK Marketing Manager
