HMRC began to explore open banking in 2019. It is already promoting the digitalisation of tax administration, for example through schemes such as the Making Tax Digital (MTD) initiative. Under the programme, VAT-registered businesses with a taxable turnover above the threshold of £85,000 (US...
If you're a VAT-registered business owner in the UK, you're likely already familiar with the current implementation of Making Tax Digital (MTD). This means that
“There are some qualifying criteria as with any such tax relief schemes, but it has been set up in a way that makes the process as smooth as possible. The scheme will run for five years, and is due to be wound up in 2018 so it is a time-limited opportunity. “Although 2018 may ...