Making Tax Digital, the Government initiative to digitise and streamline tax reporting processes comes into effect from April 2019. The key benefits for businesses include improved visibility over their tax situation and easier access to tax information online; enabling businesses to plan and budget more effectively, driving performance and growth. From April 2019, businesses that are registered for VAT and have an annual turnover above the VAT registration threshold of £85,000 will be required to keep digital records for VAT purposes and submit their VAT return to HMRC through compatible software.
Our Making Tax Digital solution is designed to automate the link between Infor SunSystems and HMRC, allowing users to extract data directly from Infor SunSystems into a digital tax compatible format, avoiding the need for re-keying data helping to reduce the risk of errors. It also maintains a link between the data provided to HMRC and the source transactions.
The key benefit of the MTD solution over Excel spreadsheets is that it is fully auditable, will eliminate costly errors and will automate the process.