News
E-invoicing consultation to be launched
The Government has announced the launch of a consultation on the wider use of electronic invoicing ‘e-invoicing’ in UK businesses.
By Catherine Heinen, FCCAChancellor Rachel Reeves has announced measures to improve productivity, reduce fraud and close the tax gap. Electronic invoicing will “reduce administrative tasks, improve cash flow, boost productivity, introduce automation, and reduce errors in tax returns”.
E-invoicing is the process of creating, exchanging and storing invoice documentation in an electronic format. It is not simply a digital version of a paper invoice such as a PDF or Word invoice document, or scanned paper invoice. An e-invoice is a datafile that can be read by a computer system and is usually in an xml format.
It is expected that the consultation will be launched at the Budget on 30th October 2024. Following the initial consultation, the Government will then need to put a plan together and IT systems will need to be tested. It’s thought it will take around three years to come into effect.
Other countries across Europe, including Germany, Spain and France have introduced, or are in the process of introducing, e-invoicing requirements and the EU is intending to introduce mandatory e-invoicing as part of reforms in due course.
With little information currently known, keeping an eye out for details following the Budget will be essential and allow you to prepare as early as possible.
Date published 30 Sep 2024 | Last updated 30 Sep 2024
Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.