As we approach the end of the Making Tax Digital for VAT (MTD) soft landing period, now is a pertinent time to reflect on how far we have travelled on our MTD journey and where we are headed next. We will also try and set out some key information …
TrAX Digital for IFS
Making Tax Digital
TrAX Digital for IFS is our Making Tax Digital for VAT solution for IFS customers. From 1st April 2019, VAT registered businesses business who exceed the VAT threshold of £85,000 are required to keep digital records and submit VAT returns using compatible software via a digital link. Other components of Making Tax Digital, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.
TrAX Digital for IFS has been developed using our deep understanding and knowledge of the IFS architecture. The solution guarantees a secure, end-to-end digital link from IFS to HMRC. It is a fully automated solution, built on native IFS functionality and is compatible with all versions of IFS.
TrAX Digital for IFS will seamlessly integrate with a customer’s existing IFS solution, drawing the necessary information required from within IFS and guarantee a secure, end-to-end digital link from IFS to HMRC
Key to TrAX Digital for IFS, is the implementation and configuration of IFS Tax Ledger. Cooper Software are offering to carry out a full readiness assessment for IFS customers which will look at their existing tax reporting set up within IFS and consider any changes a customer needs to make, prior to installing TrAX Digital for IFS. This is a quick and efficient process which will ensure customers are on their way to being fully compliant by April 2019.
Implementing TrAX Digital for IFS will not only ensure IFS customers are compliant for the first wave of changes on April 1st 2019, but will guarantee compliance in 2020 and beyond, at no extra cost.
Key features of TrAX Digital for IFS:
Built on native IFS functionality.
Integrates seamlessly with IFS and will continue to do so following any system updates or upgrades.
Security is at the core guaranteeing a secure, end-to-end digital link from IFS to HMRC.
Developed for the cloud to ensure high availability, robustness and flexibility for any peak demand.
Ability to be regularly updated to keep abreast of HMRC updates and new regulations, such as new tax regimes.
Simple and easy to use and can be accessed anywhere on different devices – it is not restricted to be a client application or spreadsheet based.
Following the introduction of HMRC’s Making Tax Digital (MTD) legislation on 1st April 2019, Cooper Software has seen a number of our IFS customers successfully submit their firstVAT return digitally using our MTD solution. To date, we have carried out several installations of our cloud-based MTD solution to enable our IFS …