Discover Making Tax Digital for VAT
HMRC, with its ambition to be the most digitally advanced tax administration in the world, transformed tax by launching the Making Tax Digital (MTD) initiative. MTD for VAT focuses on 3 key requirements:
- Digital record keeping - storing all transactions in electronic format
- Digital links - having a digital link between final numbers and source data
- Digital submissions - all submissions must be made using appropriate software via HMRC's new gateway
MTD has made a leap towards enabling a real-time reporting approach combined with massive structural changes across tax processes for companies with operations in the UK. Further, the mandate to submit returns via a software requires identifying one that meets all HMRC requirements. But this allows companies to finally recognise the need to undertake digital tax transformation, moving away from spreadsheets and inefficient legacy software to an evolved technological solution, that facilitates automation of processes right from record to report.
Transform your tax processes while ensuring MTD compliance with ONESOURCE
Thomson Reuters’ ONESOURCE Indirect Tax Compliance is compatible with HMRC’s regulations, and fully supports all requirements of UK MTD. It is a HMRC approved software package provider that allows you to keep digital records and submit VAT returns. As it is designed to be a plug and play solution, you can be sure that none of your existing processes are disrupted while transforming your tax processes with ONESOURCE implementation. It allows you to be confident in your VAT operations for MTD and ensures compliance with all future regulations.
ONESOURCE Indirect Tax Compliance has supported nearly 150 businesses across their 4,800 UK VAT registrations to successfully file with HMRC 8,500 MTD compliant VAT returns to date.
How ONESOURCE transforms your VAT process
ONESOURCE gives you the tools to easily upload & adjust source data, calculate your return & electronically submit to HMRC, supported by a full audit trail and comprehensive reporting. Accessible anywhere anytime via a browser, hosted in highly secure data centres..
Risk management controls across all functions, enabling review and sign off of processes. Drill through from return box numbers down to transactional level data and back.
Tax rules and legislation are kept up-to-date by Thomson Reuters inhouse tax research team. Being a cloud based solution you can rest assured you are always accessing the latest legislation.
ONESOURCE integrates data from multiple sources and organises it in a common, structured method with a consistent and repeatable process. Plus, the web-based user interface optimises productivity and teamwork.
With VAT compliance & filing in over 50 countries ONESOURCE can support your process transformation and company growth at a pace that suits you. As the move towards digital tax continues to evolve ONESOURCE has you covered for the future, already supporting new mandates such as MTD, VDEK, SAF-T and Spain’s SII.
Find out more about our solution for Making Tax Digital
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