Handling dynamic tax laws could be easier for businesses with VAT automation tools. Processes involved in handling VAT could be daunting and baffling for most of the businesses. Whether you have a small or an established startup, taxes and VAT could take a lot of your time. Also having businesses in new countries brings a lot of intricacies because the tax rules are different for each country. And if you don’t understand these laws and VAT rules you are choosing to pay more than you bargained for and this extra money will be the penalties incurred for missing out the rules. After the implementation of MTD (Making Tax Digital) for VAT UK businesses are empathetic and moving towards the MTD mode to avoid any such issues later.
What is Vat Automation?
Technology has made an epic shift and UK VAT is no different. In, the past the VAT automation software was made available to a few companies only, but today technology is new wave which is now easily available to all. Currently, the technology that is being used is more on the urbane side and has advanced capabilities keeping pace with the current changes in the different regions of operations.
The magnificence of VAT automation software is that it precisely calculates your taxes and keeps updating itself with the changes in tax regulations. Hence, saving you time, money and providing you with a high level of accurate data.
What are the Difficulties Faced in VAT Compliance?
Businesses have seen many changes in the tax area and the government rules getting more stringent have made it more difficult to remain compliant during VAT returns. It gets very difficult to keep pace with multiple locations when the tax environment is changing so swiftly.
There is a possibility that you know what changes have been made but the time given does not permit you to implement those changes especially when you bank on the manual system. And, even if you have time on hand to work on compliance, a small mistake will end up being non-compliant with the new rules in place.
How Automation solves challenges relates to VAT compliance?
The VAT automation tools already available in the market help businesses address the tax compliance-related issues in more ways than one. In short, the best VAT automation tool is designed that will work well with your current business operations without facing any delays upon implementing any kind of changes. Once the automation tool is integrated then working from multiple locations is no big deal and is a boon in disguise for businesses having offices in multiple countries. Along with this these solutions also come with a high-level of security ensuring the safety of the data. If you have already worked on VAT compliance, then you already know many hours are invested in this when you manually. But, automating this will save time and money both. It is error-free when collating data and you can easily comply with the tax regulations.
Conclusion: How R7VAT helps Businesses stay VAT compliant?
R7VAT is an HMRC approved solution for automating and managing VAT returns. It is powerful and scalable can skim through million records. It is time-efficient as it can retrieve data and increase proficiency & productivity. It saves costs giving you peace of mind. You can have better control over your VAT management with a fully automated solution.
Our 7-steps Automation Process to Digitalize your VAT Journey
R7VAT follows a 7step automation process to help digitize your VAT journey.
- Retrieve: Extracting raw data from source ERP & accounting systems.
- Remodel: Converting the source data into the required formats.
- Recalibrate: Validating the data as per Govt tax rules.
- Review: Producing comprehensive & error-free reports.
- Return: Auto-populate VAT returns with the correct data in R7VAT.
- Reporting: Producing an intuitive dashboard to give access to important statistics.
- Record: Maintaining all records for a minimum of 5 years as per the Govt. rules
We are dedicated to assisting businesses to stay compliant and meet the HMRC VAT requirements. Our experts can help you prepare for VAT return and be audit-ready.
If you would like to know more and wish to have free DEMO contact us at firstname.lastname@example.org or call: +44-20-8099-1653