We are starting to receive an increasing number of enquiries asking for confirmation of what K3 and SYSPRO are planning to do in order to assist Businesses with the UK Governments ‘Making Tax Digital Program‘. You will find more on the program here.
The aim of the initiative is to provide businesses of a certain size with the ability to submit their VAT returns electronically from the 2019 Tax Year. The solution is planned to provide the future foundation for UK Digital Tax submissions.
Following the announcement by the UK government’s Public Accounts Committee into HMRC’s performance in 2016/17 there is currently speculation around when the solution will actually be available, the report noted that the “HMRC’s transformation program is not deliverable as planned due to unrealistic assumptions,” and “HMRC again told us that it is not credible to continue with its transformation program as it is.”
At present a mechanism for submitting VAT data is not available to test and the assumption now is that the initiative will not be available until 2020.
What we can confirm is that SYSPRO by design has the inbuilt capability to extract electronic data using the IMPQTS business object and once the MTD platform is available we will have solutions available to allow SYSPRO Businesses to submit their VAT data in a controlled and valid way.
Please watch out for further updates from us on ‘Making Tax Digital’ and what it means to SYSPRO and your business. If in the meantime you would like to discuss, please contact Darren Edwards SYSPRO Product Manager, firstname.lastname@example.org.