The new Making Tax Digital initiative impacts virtually every UK business, with compliance for VAT required by April 2019, so it’s important to have your plan in place soon.
We’ve got you covered: FinancialForce Financial Management is a modern cloud accounting solution natively built on the Salesforce platform. With deep roots in the UK, our product team has been working to ensure compliance with HM Revenue & Customs (HMRC) requirements to support our customers and make the transition as seamless as possible. Of course, as a VAT-registered company in the UK, FinancialForce must itself also comply with the standards.
The Making Tax Digital (MTD) initiative is part of the HMRC’s efforts to become one of the most digitally advanced tax administrations in the world. MTD is making fundamental changes to the way the tax system works, transforming tax administration to be more effective, more efficient, and easier for taxpayers.
Information will be sent directly to HMRC from the digital records improving accuracy and avoiding transposition errors, reducing the amount of tax lost to these avoidable errors.
The HMRC requires VAT-registered businesses with a taxable turnover above the VAT threshold (currently £85,000) to keep digital VAT business records and send VAT returns using Making Tax Digital-compatible software from 1 April 2019 or 1 October 2019
If you go-live from 1st April, sign up to Making Tax Digital as soon as possible after you have submitted your Jan – Mar return but no later than one week before your VAT return is due.
If you go-live from 1st October, contact us to be part of the development journey and early adopter program with FinancialForce and HMRC..
Included as a free add-on option in FinancialForce Financial Management, our VAT solution for UK customers will include the ability to automatically transmit a VAT Return report (9 box report) via an API integration to the new HMRC platform. This will comply with the mandated compatible accounting software needed to demonstrate compliance with the new legislation.
FinancialForce has registered as a HMRC software developer, so you can be confident that our product will meet the strict requirements for Making Tax Digital VAT compatibility.
You can find us listed on the gov.uk software choices page here.
For further resources, visit HMRC.
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