MAKING TAX DIGITAL FOR VAT

Making Tax Digital for VAT applies to UK businesses exceeding the £85,000 threshold. A software solution is required to process digital records and create digital returns to be submitted via HMRC’s API from April 2019 (or October for those with complex requirements). Digital links must be implemented the following year.

HOW TO BECOME MTDfV COMPLIANT

Lloyd Bristow explores how our MTDfV compliance solution, AlphaVAT, simplifies the digitalisation of VAT returns.

CHALLENGES AND OPPORTUNITIES

MTD is the latest in a string of global regulations (CbCR, BEPS, CRS etc) and signals HMRC’s ambition to become one of the most digitally advanced tax administrations in the world. The exponential increase in legislation has seen a sharp rise in reporting requirements and a demand for greater transparency to support granular reporting and audit.

Compliance workloads have increased, forcing businesses to reappraise how they use their resources and to automate manual processes. Yet adoption of technology has been piecemeal. MTD sets a minimum bar for the automation of the tax process and provides an opportunity for the business to become more efficient and productive.

DEMYSTIFYING MAKING TAX DIGITAL FOR VAT

Still reviewing your MTD requirements for 2019 and 2020? Why not sign up for our Demystifying VAT webinars? Issues explored include the soft landing period and digital link requirements, how you can transition cost-effectively, and how to future proof your compliance.

EXPERTS IN COMPLIANCE

Tax Systems customers make up 43 percent of the FTSE 100 and 23 of the top 25 accountancy firms. We have been working with HMRC for over 25 years on tax compliance and are an approved supplier for MTDfV. We believe there needs to be a gradual transition to meet evolving compliance demands and have developed a four step process that benefits and futureproofs the business.

7 THINGS TO CONSIDER WHEN PICKING A VAT SOLUTION

What to include in your selection criteria when migrating to MTD.

BOOK A DEMONSTRATION

If you would like to have a one-to-one demonstration of our MTD compliance solution, call us or email us with your requirements.