R7VAT MTD solution for UK is HMRC approved

R7VAT MTD solution for UK is HMRC approved

  • Automatic robotic data retrieval
  • Data massaging and conversion into VAT format
  • Data validation as per the set rules
  • Intuitive dashboard for multiple insights

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The UK Govt. is working on the initiative called Making Tax Digital (MTD) which aims to make tax administration more effective and simpler for both tax payers and government by 2020. HMRC (Her Majesty’s Revenue & Customs) department is working closely with software solutions providers that help the shift to a digital tax approach.

Key Features For R7VAT For UK

Data Remodeling

Remodeling of data to VAT compliant formats using rule-based data processing and conversion.

Heterogenous Data System

Data retrieval from source data systems using pre-built or custom-built connectors. Supports data extraction from multiple ERP systems such as SAP, Oracle, flat files, csv, and data warehouses.

Data Validation

Validation of data as per UK’s VAT regulation, error discovery and checker system.

Reconciliations

Various data reconciliations to assist tax professionals to correct and update the data before filing

Dashboard and Analytics

Dashboards, reports, analytics, audit trail and records archival and maintenance

Payment Transparency

View present and past obligations, liabilities and payment details from the single window