This automation of HMRC submission not only helps in streamlining the whole VAT returns process but also help in avoiding duplication of data that HMRC already has. Post this automation there will not no waiting time for year end or specific period for real time data as HMRC will collect and process information as real-time as possible.
MTD implementation will enable businesses to have a better visibility over their input and output tax calculation.
This MTD solution can be implemented through SAP Localization Hub – Advance Compliance Reporting which runs on the Neo Environment of SAP Cloud Platform. SLH-ACR is a SaaS delivery that helps organizations with VAT computations.
HMRC’s Making Tax Digital
The deadline for Making Tax Digital initiative is nearing! Align your SAP Ecosystem with HMRC’s MTD initiative using SAP SLH – ACR
Speakers: Lokesh Subadhra
Once the ERP is connected with Advance Compliance Reporting – VAT computations are done through the data that is replicated from the Data sources of the existing system. This data replication can be achieved through SAP HANA Smart Data integration or ABAP reports via safe OAuth2.0 Client Authorization.
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As part of UK’s Making Tax Digital process, the VAT submission to HMRC must be done through a 9-box report which represents 9 different VAT submission values. These 9 values are
The configuration of this 9-box report in ACR will help in transmitting VAT returns information between the Digital Core being the Enterprise (ERP) and the HMRC via the API (Application Programme Interface) process delivery service provided by ACR.
Enterprises should buckle up and adopt the right IT spend option, spend on what you need to sustain and comeback stronger post-covid era.