Digital transformation is happening all around us as we interact with family, friends and work colleagues; shop for our favourite brands, learn about new products; manage our personal and corporate finances; and, interact with government services.
Later to the party than many other government services has been the UK Government’s efforts to create one of the most digitally advanced tax authorities in the world. This means catching up with many other jurisdictions across Europe and the rest of the world. The introduction of Making Tax Digital (MTD) in 2019, with an initially limited scope for VAT only and at launch only for organisations with turnover above the VAT threshold at the time of £85,000.
By 9 March 2020 more than 1.4 million businesses had joined the new services which delivers productivity increases and reduces errors for organisations who utilise digital record-keeping tools. Tax authorities now mandate a simple audit trail between source data and the resulting tax returns.
Your FMS is already a digital record-keeping tool and Wave’s solutions have been working with tax jurisdictions around the world to facilitate integration through our range of Application Programming Interfaces (APIs) to enable for many years.
Wave offers ready-made MTD solutions for our FMS (SunSystems) and ERP (NetSuite) designed to help organisations meet complex tax requirements and reporting/submission obligations and to maintain compliant solutions during periods of change from tax authorities.
Wave is delighted to confirm that we are offering the Professional Advantage, MTD solution for Infor SunSystems. This is HMRC compliant software, for direct submission of VAT returns from your ledger to the HMRC portal without manual intervention. PAMTD has been proven over many years working with SunSystems and the Australian Tax Office.
Feedback from customers has enabled the product to incorporate more complex requirements such as Partially Recoverable Tax calculation results from auditable sources outside Infor SunSystems.
This solution is a must-have for organisations of all sizes to help save time on preparation and report running by automating the entire calculation and submission process.
Watch the overview video and then head over to our PAMTD product page to learn more about the product for use with Infor SunSystems.
Wave is also pleased to confirm that for NetSuite users the International Tax Reports SuiteApp is available to be enabled, at no further subscription cost, to allow HMRC-compatible MTD links, VAT filing and audit trails. Watch this short video to find out more about the NetSuite approach to MTD.
Visit our Oracle NetSuite, ERP product page to find out more.