Foriba

Digital Tax in UK

What is making digital tax?

Making Tax Digital (MTD) is a UK government initiative that sets out a vision for the ‘end of the tax return’ and a ‘transformed tax system’ by 2019. HM Revenue and Customs (HMRC) states that the main goal of MTD is to make tax administration more effective, more efficient and simpler for taxpayers.

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
HMRC’s ambition is to become one of the most digitally advanced tax administrations in the
world.

Making Tax Digital for VAT

With regards to October 2018 update, HMRC (HM Revenue & Customs) has taken a major step forward in this ambition with the introduction of Making Tax Digital for VAT. Pilot service is open to around half a million businesses whose affairs are up to date and straightforward. It will be extended to most other business types over the coming months. VAT-registered businesses with a taxable turnover above the VAT threshold are required to use the Making Tax Digital service to keep records digitally and use software to submit their
VAT returns from 1 April 2019.
As part of planning for the VAT pilot, HMRC continued to engage with stakeholders and listen to their concerns about business readiness for Making Tax Digital. Mandation for companies whose affairs are complex is delayed until 1 October 2019.

Smarter experience for individuals

The Personal Tax Account brings together each individual customer’s information in one online place. It allows customers to access the service from a digital device of their choice and at a time that suits them. It allows them to register for new services, update their information and see how much tax they need to pay.

Foriba Digital Tax Product Features

  • Integrated with Tax Authority

  • No Effects on SAP Standards and Upgrades

  • Easy to Integrate with SAP Standard Modules

  • Same Platform for Financial and Regulative Data

  • Fully Customized Reports and Notifications

  • Fast Adaptation to Regulation Changes

  • Bug Fixes and New Features

  • Less Implementation Cost for Feature

  • No need any additional User and Platform to manage the Process

  • Detailed Documentation for Self-Implementation

  • Tailor-Made Interface Adaptation with User Exits

  • End to End Integration Project

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.

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