Dealing with tax can be let’s face it….very taxing! So it comes as no surprise that HMRC’s Making Tax Digital initiative has had mixed reviews and has caused some confusion.
To make it simple, HMRC want you to use a software solution that utilises their API’s to summit your monthly/quarterly VAT submissions. The idea is to create a digital link between your internal systems and HMRC. This will help automate the whole process and remove the need for repetitive inputting of data. It will also provide an audited process that can show the flow of data from its original source to HMRC.
At present this process will be in place of using the gateway to submit your VAT returns on a quarterly or monthly basis. With the idea that further HMRC functions are processed through the link software.
This initiative will go live this April for most companies and in November for the rest. But If your company is submitting VAT summaries now through the HMRC gateway then you will need to have this process in place.
This will cause quite a few challenges.
Are you calculating VAT through your current digital systems?
Do they have the capability to submit this information to HMRC?
Have they been recently modified to provide this functionality?
Are you currently calculating through an Excel?
Do you collate two sets of data from multiple systems?
For most of us these questions will pose some challenges and concerns.
At Web Control we have a large number of customers where we support their main IT system that calculates VAT. As a result we have worked closely with those customers and HMRC to provide the right solution to deal with the many scenarios that your business may face in producing your VAT data.
Our Making Tax Digital portal can provide your business with the right tool to submit your VAT data to HMRC in a seamless manner and provide a fully audited process that is digitally linked to your back office systems.
Our solution has many benefits that will provide you with everything you need to fulfil your VAT obligations. Including:
- An integrated solution with your current back office systems.
- Multi-Company solution.
- Unlimited users.
- Accessed from anywhere in the world through all the standard browsers - Chrome, Edge etc..
- Fully functional though mobile devices.
- Can be provided with automatic uploading of VAT data from your current system.
- The ability to import from Excel.
- The ability to adjust data and provide an audited process of changes.
- Integrated with HMRC to fetch obligations and submit returns.
More information can be found on the portal itself using the link below:
Alternately contact James Heselden on mailto:email@example.com or call 01327 317652 for more information and a demo of the software.