HMRC have just released their summary of responses from their consultation on the UK’s Mandatory Disclosure Rules (MDR).
There were three major outcomes from the responses.
1. Historic Lookback Period
HMRC had initially suggested that the historic lookback period under UK MDR would go back to 29th October 2014 in line with the Model Mandatory Disclosure Rules for CRS Avoidance. Having considered the balance between burdens on the business and the likely compliance benefits of the data, the government has decided that reporting pre-existing arrangements should only be required from 25 June 2018.
2. XML Reporting
There will be no manual reporting option. Reporting will continue to be via XML, which VinciWorks will support.
No exact start date has been given but the regulations will go into force in the first half of 2023.
VinciWorks’ MDR reporting solution
VinciWorks has built a robust MDR reporting solution providing intermediaries such as law firms, accounting firms and multinational businesses with the expertise, knowledge and technical infrastructure to report and manage cross-border transactions. From one centralised system, organisations can fulfil their reporting requirements across every EU member state, as well as every country that has introduced the OECD’s MDR into law. Built-in consultation with over 100 leading international firms, international tax experts, HMRC and other regulators, our tool features customisable workflows designed and updated for the intricacies of each EU country’s implementation of the rules. We offer a number of hosting options to suit any organisation’s needs, including on-premises hosting.
- Built-in guidance on whether a transaction is reportable
- Reminders for reporting deadlines and reviewing ongoing transactions
- Customisable dashboard to make it easier to stay on top of deadlines
- Customisable workflow to easily collect all pertinent data
- Built for international firms with different workflows and reporting for every relevant country
- Choose from a number of hosting options, including cloud hosting and on-premises hosting
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