HMRC E-invoicing – what does it mean for businesses?

HMRC and the Department for Business and Trade (DBT) are consulting on electronic invoicing to develop an approach that supports both the UK economy and tax system.

This consultation will be an important opportunity for businesses across the entire UK economy to give feedback on the Government’s aims of standardising electronic invoices and potential approaches to increasing adoption, which could include mandating.

E-invoicing is the digital exchange of invoices directly between the financial systems of buyers and sellers, even if those systems are different. The outcome is that the sellers’ invoice is automatically entered into the buyer’s finance system without manual processing. Through this consultation the Government wants to explore the benefits of, and potential challenges to, adoption of e-invoicing in the UK. This will include identifying:

• Barriers to adoption including cost and systems complexity and how these challenges can be mitigated
• How e-invoicing can reduce costs and admin burdens for businesses, including reducing manual processing and errors, and improving cash-flow
• Data security and anti-fraud protections
• How to improve the data available to HMRC and tax compliance benefits

Join Rachel Stirrat, electronic invoicing external engagement lead at HMRC

We’re delighted to welcome our guest speaker, and one of HMRC’s project leads for e-invoicing, Rachel Stirrat, who, alongside Gabby Donald and Antje Forbrich, will be covering a number of topics including:

• The introduction of e-invoicing and an overview of available approaches
• The international context for e-invoicing and direction of travel in the EU
• The consultation and opportunities to feedback
• A Q&A session with HMRC and our speakers