AccountsIQ is adding new VAT functionality ahead of the Making Tax Digital for VAT groups deadline of October 2019. The new functionality will allow AccountsIQ users to submit consolidated group VAT returns digitally to HMRC under MTD.
AccountsIQ will have additional functionality in place which will allow a consolidated group VAT return to be submitted digitally to HMRC under MTD and will provide full transparency as to how the VAT calculations have been made and the ability to output detailed reports all in a single click.
This solution eliminates the need for spreadsheets and bridging software, offering a long term solution after April 2020. After this date, transferring information manually will no longer be possible and agents and companies will need to use a digital link between the individual databases of the group and the products used to calculate the VAT owed.
AccountsIQ is offering a free event for accountancy practices on Thursday 26 September at their office in London Euston. This will be a ‘lunch and learn’ event about group VAT and will also include a progress update on MTD with Caroline Miskin, tax practitioner support manager at ICAEW's Tax Faculty.
How AccountsIQ will make it easier to submit Group VAT returns digitally
AccountsIQ is used by thousands of companies who already submit their MTD VAT return digitally to HMRC. From early 2020 additional functionality will be in place which will allow a consolidated group VAT return to be submitted digitally to HMRC under MTD.
AccountsIQ’s solution will be a best practice solution for group companies needing to submit a group VAT return, as using the AccountsIQ platform the process will be efficient, reduce inaccuracies and the underlying architecture will provide the ability to produce a ‘detailed VAT return’ report. Essentially this is what HMRC ask for ahead of an enquiry, something that is not so easily achieved using multiple spreadsheets, digital links and APIs.
Group VAT Lunch and Learn Event
AccountsIQ is running a free event on Thurs 26th Sept at our London Euston office from 10.30am-12.30pm.
Learn how AccountsIQ provides best of breed Group VAT compliance for MTD:
Simplify your group VAT calculation without the need for Excel or bridging software
Reduce risk, increase efficiency and transparency at the touch of a button
Alternatively, to find out how we can help you with Making Tax Digital, get in touch or request a demo to see for yourself how AccountsIQ’s powerful cloud accounting software could transform your business.