Much of the reporting around Brexit has concentrated on the impacts at the border with all the additional paperwork but it is worth noting these changes extend to the way you record VAT as well. While the tax return submission process will remain the same, it is necessary to update …
Making Tax Digital for IFS
Making Tax Digital for IFS. From 1st April 2019, all VAT registered businesses were required to keep digital records and submit VAT returns using compatible software and HMRC’s API.
We have leveraged our deep understanding of both IFS and cloud architecture, gained through years of developing creative and dependable solutions for our customers, to create our hybrid cloud solution. An on-premise agent facilitates secure communication between the IFS tax ledger and our cloud portal, giving a seamless process when it comes time to submit.
While the soft-landing period has been extended to 2021, HMRC have been clear that sending the data underlying the VAT return will be a requirement for the future. This will naturally involve an increase in the volume of data and as it is cloud-based, our MTD solution for IFS is best positioned to meet this future.
Our MTD solution for IFS will seamlessly integrate with a customer’s existing IFS solution, drawing the necessary information required from within IFS and guarantees a secure, end-to-end digital link from IFS to HMRC.
Key to our solution, 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 our MTD solution for IFS.
Implementing our solution will not only ensure IFS customers are compliant now but will guarantee compliance in 2020 and beyond, at no extra cost.
Key features of MTD 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.
“After a rigorous selection process where we considered a number of MTD options for IFS, we opted for Cooper Software’s solution. It was attractive due to it being hosted in the cloud. This meant it not only met our short term compliance requirements, it ensured that we would be compliant for the future changes. The installation process was fully supported by the Cooper Software consulting team and submitting our return was straightforward.”
In our series of articles on Making Tax Digital (MTD) we have examined all of the recent legislative updates from HMRC. Now don’t get us wrong, regulatory compliance is always a vital requirement for any business but equally important to us at Cooper Software is giving our customers software that …