By now everyone should be aware that by the 1st of April 2019 every business with ataxable turnover above the VAT threshold will need to keep their records digitally, and provide their VAT return information to HMRC through Making Tax Digital (MTD) compatible software. The changeover will make filing, finding and supplying VAT returns and documentation much easier than the current system. But with so many businesses scrambling to serve clients, it can get quite difficult to make sense of it all. MTDfVAT has numerous features that’ll not only make the switchover easier, but the entire future of VAT filing.
So, the deadline is very close, just a matter of days, so if you are reading this after the first of April then you definitely need to get your VAT returns into order and compatible with the new HMRC rules. Not doing so is a huge risk and not one that any business should take. Here, we’ll focus on three features of MTDfVAT that will be invaluable in the coming months and years- spreadsheet functionality, client authorisation and API Integration.
Firstly, and maybe most conveniently, is spreadsheet functionality. Regardless of how or where spreadsheets are kept, the MTDfVAT software will draw in data from any spreadsheet documents, and upload them into an MTD VAT compliant format for submission to HMRC. The platform will also check for validation before uploading, to ensure data input is correct. The whole process makes for a smooth experience and keeps effort to a minimum, whilst ensuring documentation is in a format HMRC demand. Client authorisation is also vastly important when it comes to VAT returns. MTDfVAT comes with a secure online client authorisation process that speeds up wait times, and keeps everything HMRC compliant. The process is streamlined to ensure nothing can go awry when the client gets involved. The third and most vital feature of MTDfVAT is the API Integration, the backbone ofthe entire process. The API integrates your systems into the software solution, ensuring a smooth submission to HMRC, for every client. The method provides a direct link between applications through the MTVfVAT Hub, populating the VAT return automatically, ready for submission. This API has been trailed in HMRC’s test environment and has already demonstrated a working solution for MTD, proving
complacency with HMRC’s rules and guidelines. MTDfVAT is recognised by HMRC as a compatible software provi er, so customers can be certain that when the time comes, any VAT returns can be filed easily, ecurely and properly in line with the new restrictions. The entire platform is engineered to provide a seamless experience that brings VAT returns into the 21st Century. So, you can see how important it is that the software uses the right processes, those that are given by HMRC. So, you need to make sure that your VAT software is compatible with these new rules or you are risking problems with HMRC and that is the last thing that any business needs.