From April 2019 businesses above the VAT threshold will be mandated to keep records digitally and provide quarterly updates to HMRC for their VAT.
VAT has been online since 2010 and over 98% of VAT registered businesses already file electronic returns.
Making Tax Digital builds on this by integrating digital record-keeping to provide a single, seamless process with quarterly updates generated and sent direct from the software being used by companies to keep their records.
In other words, you will be expected to submit quarterly VAT returns directly from Infor SunSystems. HMRC also expects many of you will take the opportunity to provide quarterly updates for other taxes too.
MTD for Infor SunSystems (MTD) is HMRC approved software that automates the link between Infor SunSystems and HMRC. MTD avoids the need to re-key data, thus avoiding errors. It also provides a full audit trail by maintaining the link between VAT returns and source transactions.