In support of its ambition to be one of the "most advanced tax administration in the world" HMRC announced 'Making Tax Digital' - a fundamental overhaul to the way that businesses and organisations operating in the UK will manage, report and share their finances with HMRC.
The Government’s plans for transforming tax administration through its ‘Making Tax Digital’ initiative is a multi-phase rollout that starts with VAT returns for all organisations over the £85,000 VAT threshold. All VAT returns will need to be submitted to HMRC digitally. This regulatory change is driven by a desire to fundamentally overhaul the way that businesses and organisations manage, report and share financial data with HMRC.
Here at Capita IB solutions, our approach is to enable organisations to drive efficiency, automation, auditability and control via our solution to address these regulatory changes.
Our bespoke Making Tax Digital Solution has been specifically designed for complete integration with Integra and it's financial modules:
Our HMRC recognised MTD software solution also offers users:
· Support for multiple legal VAT entities in single system
· Robust multi-step workflow from creation, approval to submission
· Flexible rules- based configuration approach to Box Value Calculations
· Drill-down to underlying ledger transactions
· End-to-end audit traceability
· Full digital footprint from record keeping, calculation to final authorised submission
· Reusable rules and templates