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Get ready for Making Tax Digital
What is Making Tax Digital?
Making Tax Digital (MTD) is HMRC’s initiative to digitise tax. As of April 2019, VAT registered businesses with a turnover above the VAT threshold must both keep records in a digital form for VAT purposes and submit VAT returns using software compatible with HMRC’s MTD Application Programming Interface (API). Business will not be asked to keep digital records or update HMRC for other taxes until at least April 2020.
What does this mean for your business?
The VAT return format will remain the same, as will VAT return frequency and payment dates. What will be changing in April 2019 is that the current HMRC VAT online service for VAT return submission will no longer be accepted; businesses will instead be required to use compatible software for submission of VAT returns.
How can Progressive help?
Progressive are working with our longstanding partner, Professional Advantage (PA), to provide our Infor SunSystems clients with an HMRC compatible solution for the generation and submission of VAT returns: MTD for Infor SunSystems.
About MTD for Infor SunSystems
MTD for Infor SunSystems automates the link between Infor SunSystems and HMRC. Through its embedded integration, it also provides a full audit trail by maintaining the link between submitted VAT returns and source transactions. Additional features include:
- Fully integrated with SunSystems
- Undergoing HMRC certification
- Provides an audit trail of previous VAT returns and associated transactions
- Allows for adjustments of calculated amounts, with storage of associated data
- Caters for multiple business units or groups of companies
- Posts journals back to the SunSystems VAT credit account
- Process automation using preformatted templates
- Ongoing development to meet future HMRC requirements
What to do next?
MTD for Infor SunSystems is currently undergoing the HMRC certification process and is expected to be released at the end of October 2018. Progressive can offer customers purchasing the software prior to its release, a 50% discount on the standard software licence and maintenance cost.
Please note that, depending on the complexity of your current VAT return process, it is anticipated that a minimum of 2 days’ Progressive consultancy time will be required to implement MTD for Infor SunSystems.
For more information or to place your order, please contact: MTD@progressive-tsl.com