Digital VAT Transformation for HMRC
HMRC is launching the first step of their digital transformation journey with Making Tax Digital – a modernised way of capturing nearly real-time information and delivering a digital future for financial reporting. From April 2019, firms will need to compile data from digital sources and submit to HMRC via the API. Keeping a digital record showing how information moves across different systems will be vital for complying with the new requirements.
Collaborating with our clients, which include 25% of the FTSE 250, Arkk Solutions has developed a Making Tax Digital Platform designed to take finance and tax departments beyond compliance. Created specifically to digitalise the VAT submissions process, the platform will dramatically reduce the time taken to correct unverified transactions – from several days to just a few hours.
With Arkk’s solution, our clients can take control over their VAT returns. The platform provides full visibility of every step in the process and a concrete audit trail, which tracks and proves compliance with HMRC’s new mandate. Making Tax Digital gives firms the opportunity to renovate existing tax processes, transforming them into an efficient, future-proof system, whilst still working in Microsoft Excel.
With built-in business rules for intelligent transaction reviews, total visibility over all team members’ activity, and a complete audit trail showing every digital data link, you can transform your VAT process with Arkk Solutions.