Thomson Reuters readies Onvio for MTD
Developers at Thomson Reuters are working on Onvio Tax, a suite of new cloud tools to support accountants through the transition to the Making Tax Digital regime.
Onvio Tax will form part of the Onvio suite introduced earlier this year, which currently features a client portal and document management system. For the next MTD-capable release in 2017, Thomson Reuters will add a mechanism to receive bookkeeping data and analyse balances through to the category information needed to satisfy HMRC’s quarterly update requirements.
According to Thomson Reuters tax product manager Mark Purdue, Onvio Tax will be able to handle data from a range of sources. In addition to the bookkeeping import mechanism, application programming interfaces (APIs) will allow it to retrieve data from authorised clients’ personal tax accounts and from third party data feeds.
The program will carry out its own tax liability computations and file both quarterly updates and the annual declaration expected by HMRC.
Part of the Onvio platform is built around tasks and trackers similar to those in desktop Digita applications. Onvio Tax will come loaded with default trackers for tasks including MTD processes, but users will have the flexibility to adapt them how they like, Purdue said.
“We’re beginning to cross the lines between accounts production and tax compliance,” he continued. “Tax products of the future will recognise that blur. Even though the user uses different products, from the user experience point of view they won’t really notice they’re moving between modules – it will all work as one.”
Thomson Reuters has been working on building up its cloud-based Onvio portfolio since before MTD was announced, Purdue said. The system will be available for any practices that want to get involved in HMRC’s MTD beta testing programme and will be ready if the new regime goes live as planned after April 2018.
Jon Cooper, director of CooperFaure Accountants said his firm has been working with Thomson Reuters on the processes needed to support the new tax regime. He commented: “Our practice is already planning the move to Making Tax Digital and we are excited about the opportunities this presents to streamline the compliance process and provide an improved service to our clients.”
Thomson Reuters managing director Andrew Flanagan said: “We want to reassure our customers that we are developing the best solution in the cloud. It’s designed from the ground up with a very intuitive look and feel – giving us an opportunity to reimagine compliance solutions and workflows.”
Flanagan added that the company was committed to providing MTD-compliant tools for desktop users. “You don’t have to adopt Onvio if you don’t want to use it, but as individual elements of Onvio come online, you will have access to them as part of your Digita subscription. You and your staff will have access to them a year ahead of time.”
Reflecting the company’s soft launch approach, Flanagan was not ready to disclose pricing for the new MTD-capable Onvio tools.
“We will wait until we’re closer to selling it,” he said. “We want people to get familiar with what we have and make them more comfortable with the product. Actual sales will happen post beta.”
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