London, UK, 14th December 2018 – Unit4, a world leader in enterprise systems for services organisations, has announced that its latest release of Unit4 Business World will enable UKI customers to comply with new Maxing Tax Digital (MTD) regulations. From 1st April 2019, VAT-registered businesses, above the threshold of £85k, will have to keep digital records and submit VAT returns to HM Revenue & Customs (HMRC) using compatible software.
The scheme has been introduced by HMRC as it seeks to become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply with regulations.
The Unit4 solution benefits from low implementation costs and is easily configured and set up, so customers can focus on the work that adds value to their organisations.
‘’This new functionality within Business World offers a simple three step approach, which allows the customer to generate, validate and submit VAT returns online, simply, quickly and accurately,’’ explained Derren Nisbet, UKI managing director and regional president for Unit4. ‘It also automates the capture of final, filed returns and because these returns are reconciled to source data from the customer’s accounting data, they and HMRC have an accurate and detailed audit trail, which will ensure no irregularities in any future investigation.’’
Global health research foundation the Wellcome Trust has been working with Unit4 developing the Business World solution ahead of the introduction of the new regulations. “We recognise the principles behind Making Tax Digital and making the end to end process as streamlined as possible.’’ Said Steve Grover, Tax and Compliance Accountant from Wellcome. “An HMRC compatible solution like Unit4 Business World ensures compliance with the new regulations, which is important to a tax compliant charitable organisation like ours.”