From April 2019 every business in the UK exceeding the £85,000 VAT threshold will be required to submit their UK VAT returns digitally to HMRC. Making Tax Digital will affect every organisation from how you run your processes to how your systems are set up to record and report on tax. For many organisations this characterizes a large paradigm shift with a sense of uncertainty - will their system be compliant and what will this look like?
The Unit4 solution
In line with general principles and requirements defined by HMRC, Unit4 Business World will enable UKI customers to comply with new Making Tax Digital 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.
How can we help?
Keeping records digitally and providing updates to HMRC direct from Unit4 Business World will reduce the amount of avoidable errors businesses currently make. Unit4 Business World can provide you with a solution that can derive the VAT return from the digital register transactions in the VAT subledger and transfer the return to HMRC using the API.
The benefits of Making Tax Digital for your business:
- A seamless digital journey for your UKI VAT filings to comply with the new UK “Making Tax Digital” regulations
- Officially accredited by HMRC
- A fully integrated web only solution to transfer VAT returns directly to HMRC
- Available in Unit4 Cloud and on-premise
- Reconciled to source data from your accounting data, to maintain full integrity of the audit trail and ensure there are no irregularities in future investigations
- Integrated audit trail capabilities on traffic of messages to and from HMRC
- Easy configuration and set-up leading to low implementation costs
The highlights and features of Unit4 Business World Making Tax Digital solution:
- A fully integrated web only solution available for all official supported UBW versions in the market (currently: MS6 and v7)
- Functionality is easy to implement on top of an existing Financials solution setup
- Embedded HMRC authorisation request process which supports different legal entity configurations
- Support for multiple VAT reporting entity configurations, including VAT Groups
- One UBW client represents a VAT reporting entity (one VRN number)
- One UBW client represents multiple VAT reporting entities (multiple unique VRN numbers)
- Multiple UBW clients representing one VAT reporting entity (one VRN number)
- The same VRN is used by multiple legal entities with a UBW client
- The same VRN is shared across clients also aggregating legal entitites within UBW clients
- Easy support for different legal entity configurations via a communication profile definition screen
- A tax reporting definition screen containing the predefined tax reporting definition of the Making Tax Digital VAT return
- Run proposals, delete proposals and re-run proposals before doing live submissions to HMRC (allowing testing in a production environment)
- Clear user-friendly error reporting
- Message Centre to track and view the actual messages to and from HMRC
- Automated capture of final, filed returns, including logging the Submission ID issued by HMRC as confirmation of filing
- Out-of-the-box enquiries for reconciliation to underlying accounting data
- Option to include transactions outside the HMRC VAT return period (available Q2-2019)