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HMRCs Making Tax Digital and the Oil & Gas Industry


Making Tax Digital, the Government initiative to digitise and streamline tax reporting processes comes into effect from April 2019.

The key benefits for businesses include improved visibility over their tax situation and easier access to tax information online; enabling businesses to plan and budget more effectively, driving performance and growth.

From April 2019, businesses that are registered for VAT and have an annual turnover above the VAT registration threshold of £85,000 will be required to keep digital records for VAT purposes and submit their VAT return to HMRC through compatible software.

What are TouchstoneEnergy doing to help you comply?

Following feedback from our customers, TouchstoneEnergy has agreed to work in partnership with Professional Advantage (PA) regarding investment and development of a new module called MTD for Infor SunSystems.

As some of you are already aware, PA develop many add-on modules that enhance and extend the core SunSystems functionality.

TouchstoneEnergy and PA together will develop this module to comply with HMRC VAT requirements on the proviso there is sufficient interest from our SunSystems customer base.

What is MTD for Infor SunSystems?

The MTD solution will be designed to automate the link between Infor SunSystems and the HMRC, allowing users to extract data directly from Infor SunSystems into a digital tax compatible format, avoiding the need for re-keying data helping to reduce the risk of errors. It will also maintain the link between the data provided to HMRC and the source transactions.

The key benefit of the MTD solution over Excel spreadsheets is that it is fully auditable, will eliminate costly errors and will automate the process.

Download a brochure



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Visit source site

https://touchstoneenergy.co.uk/resources/news/maki...

TouchstoneTaxdigitaloil and gas upstreamdownstreamAccountingComplianceLondonUnited KingdomLawRegulation

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