SAP MTD Cockpit for UK

SAP MTD Cockpit is suitable for businesses and agents.

What is Making Tax Digital?

Making Tax Digital is an essential part of the UK government’s plans to make tax reporting easier for individuals and businesses. HM Revenue and Customs (HMRC) states that the main goal of MTD is to make tax administration more effective, more efficient and easier for taxpayers. HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world.

Who is in scope?

From 1 April 2019 businesses above the VAT threshold (all UK VAT registered businesses above the £85,000 sales threshold) will be mandated to keep their records digitally and using MTD compatible software; the software will connect to HMRC’s system via its APIs. Businesses with a taxable turnover below the VAT threshold can also sign up for MTD for VAT voluntarily.

SAP MTD Cockpit

  • Check what VAT you owe
  • Submit VAT Return for the period
  • View submitted VAT Returns
  • Retrieve VAT liabilities
  • View VAT payment history

Features

Software for 

  • Digital VAT record keeping
  • Bridging

Adjustments

  • It is possible to make adjustments (include/exclude invoices/lines from a certain period or report in a different period).
  • History of the adjustments can be monitored easily.

Compliance Checks

  • Compliance checks according to the VAT legislation
  • Validation rules according to the technical rules set by the HMRC
  • Custom-made rules can be set up according to the customer’s needs
  • Applied to the data prior to sending to HMRC
  • Warning/Error messages, if the file fails any of the rule set-ups in advance

Foriba Fixed Assets Add-on

  • Foriba Fixed Assets module, which is built on Foriba SAP MTD Cockpit helps customers to calculate and claim VAT in the corresponding period automatically.

Error Handling

  • Easy to handle error messages with a detailed description.
  • If any error messages are received from HMRC, users will be informed via email.

Archiving

  • Upon request archiving ability

Global Features

runs on SAP as an end-to-end solution

on-premise / private cloud options

data analytic capabilities

tailor-made product

easily customizable upon customer’s needs

flexible solution

can be adjusted based on the customer’s design.

connects internal & external data sources

How to get started

Contact Foriba for a detailed live demo on our SAP environment. Our experts could provide both remote and on-site demonstrations.

Learn More