Making Tax Digital
IMS is a registered developer, recognised and sanctioned by HMRC, and combined with our expertise in System 21 finance applications, this makes us the natural partner to simplify and optimise your System 21 solutions in the new world of Digital Tax Transmission.
The primary aim of Making Tax Digital is to make tax administration more effective, efficient, and easier for taxpayers through the implementation of a fully digitalised tax system, whilst also reducing submission errors and associated HMRC’s overheads for managing tax affairs.
Following the implementation of MTD for VAT, MTD for income tax (for the self-employed and those with income from property) and MTD for corporation tax are expected to follow, so this ‘digital transformation’ will be part of the tax submission fabric going forward and everybody should be prepared. IMS can help.
VAT Returns being submitted electronically means uploading digitally into a portal using an API. There are very strict rules, and they prohibit the option to change the data manually i.e. all data collation and reporting must be done digitally and must be accurate at point of submission. IMS can help you to simplify this process both through upload from your system 21 to the HMRC site and by helping to ensure your data is clean at point of upload.
Data Cleaning Audit
Your system needs to not only produce the nine boxes of data required by HMRC but also 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 is permitted only for 2019-20 tax submissions; longer term 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?
IBM(i) Making Tax Digital Bridging Application
Accepted and ratified by HMRC March 2019. Check the HMRC Site Here.
The IMS MTD solution automates the submission of VAT returns (with ongoing development for other tax submissions) from System 21. The customer has a chance to review the figures before final submission. The system was developed by IMS, is hosted and managed by IMS as part of our support program. The solution is based on using data from the System 21 VAT module.
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