Making Tax Digital is moving apace and your system needs to produce not only the nine boxes of data required by HMRC but also to provide accurate data.
Discrepancies in your tax records this year were picked up in the Excel bridging between your iSeries and the MTD HMRC submission. This was permitted for 2019-20 tax submissions; but moving forward MTD regulations preclude the use of Excel. This means that all adjustments in system data will need to be done live prior to producing your MTD report. Discrepancies will have to be handled by data corrections in the live system and you will not be able to do ’last minute’ adjustments.
Businesses are going to need to put the data in correctly in the first place. This means users must be properly trained in how to use the system correctly. Clean data saves time by avoiding retrospective corrections and ensures you are not paying excessive tax bills. Contact IMS today for a 1 day consultancy to investigate how you can improve your data accuracy and avoid paying excessive tax bills. Many companies have already benefited enormously from this audit, so why not book it today?
If you want to work with a successful business that is continually growing and investing in its services, then call Archie Gardner on 0845 1308499 or 07885104218 to arrange a ‘without obligation’ meeting.