FinanSys has become fully recognised by the HMRC as a Making Tax Digital VAT software provider.
As the first SunSystems provider to launch a test application for Making Tax Digital in August 2018, FinanSys’ Making Tax Digital bridging software for SunSystems has now become fully recognised for the HMRC’s MTD mandate that comes into force later this year.
VAT-registered businesses over the £85,000 threshold are mandated to process and record their VAT files digitally from April 2019. To confirm the move to the digital service, businesses will need to sign up to the HMRC’s VAT service, which will confirm returns are to be submitted using compatible MTD software.
Working closely with the HMRC for a compatible solution in time for the deadline, it was important to configure a bridging software that could provide customers with a solution that was user-friendly and did not complicate or unnecessarily change their current processes. Adhering to Digital Link requirements, the FinanSys solution for SunSystems allows for direct submission to the HMRC portal via a Q&A Excel add-in or from a direct report in SunSystems, reducing the need for manual intervention and rekeying data.
The multi-entity solution provides multiple users with the assurance of an approval process before final submission and a record of previously submitted returns. With real-time interaction between the HMRC portal, the user will be sent an instant notification receipt from the HMRC confirming the status of the return.
For organisations who are deferred for digital submissions until October 2019, the HMRC will be gradually supporting these features over the coming months in time for the deadline, with the pilot for such customers opening in April 2019.
To find out more about how FinanSys can help you become MTD compliant, contact one of the team today.