Are You Ready for E-Invoicing?
HM Revenue & Customs (HMRC) recently released a research paper on how small and medium-sized businesses (SMEs) view electronic invoicing, also called e-invoicing.
In the Autumn Budget 2025, plans were announced to make e-invoicing mandatory for VAT invoices from 2029. The research paper was designed to help deliver an e-invoicing policy that will suit the competitive needs of SME businesses.
An e-invoice is an invoice that is sent and received in a structured digital format and is suitable for automatic electronic processing. E-invoicing systems can integrate with accounting systems, which can make it easier to manage a business’s bookkeeping.
The government believes that e-invoicing will assist businesses in submitting more accurate tax returns.
The research indicates that 59% of businesses are familiar with what e-invoicing is. However, only 29% of businesses appear to be currently using e-invoicing, and only 10% of SMEs report both sending and receiving e-invoices.
The most common method used by SMEs both for sending and receiving invoices was reported to be PDF or email. Many businesses are also still using paper and physical mail for invoicing.
With a change to e-invoicing not becoming mandatory until 2029, there is still plenty of time to prepare. If you would like help exploring whether your accounting system can handle e-invoicing, please give us a call. We would be happy to help you!
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