Kerridge Commercial Systems (KCS) has developed a series of software changes within their K8 solution allowing merchants to submit their VAT return directly from their ERP system - in line with these new regulations.
The new ‘Making Tax Digital for VAT’ requirements stipulate that VAT registered businesses with taxable turnover above the VAT registration threshold must keep records in digital form and file their VAT returns using software.
Historically, VAT returns were prepared and filed via the HMRC portal but the key difference under the new regulation is that the software which businesses use must now be capable of keeping and maintaining the digital records, preparing VAT returns using the information maintained in those digital records, and communicating with HMRC digitally via the HMRC’s new Application Programming Interface (API) platform.
KCS’s new desktop application will enable you to simply integrate directly with HMRC via their new API. Once the VAT return has been completed within K8, it will be made available to the new program for onwards transmission. The enhancement includes the facility to enable you to record your account details and to connect directly to HMRC to submit your VAT return. Prior to completing the VAT return within K8 you can view the summary VAT report on screen. A VAT-only adjustment journal can be processed within the integrated K8 financial system to update input or output tax directly as may be required. The new application will also track successful or failed transmissions, enabling you to control the submission of your VAT return via the HMRC API.
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