Thomson Reuters Announces Onvio VAT for Making Tax Digital
New Cloud-based Solution Successfully Used to Submit MTD VAT Return as Part of HMRC’s Pilot
Thomson Reuters has announced that its new Onvio VAT solution has been successfully used to make a full VAT submission to HMRC as part of the Making Tax Digital for VAT pilot program.
Planned to commence April 2019, the Making Tax Digital for VAT (MTD for VAT) initiative promises to be a major change for the accountancy profession by automating much of the VAT compliance process. Thomson Reuters has been working closely with HMRC, industry bodies and accountants in practice to understand the impact of MTD for VAT and to deliver the technology needed to help accountants work in this new digital era.
Gary Jacobs, director at Eazitax commented: “Our practice is already planning the move to Making Tax Digital and we are excited about the opportunities this presents to streamline the compliance process and provide an improved service to our clients. We are part of the HMRC MTD for VAT pilot and are proud that we have been one of the first practices to submit an electronic return using Onvio VAT.”
Onvio VAT is a cloud-based product, bridging a solution that enables accountancy firms to submit VAT returns electronically on behalf of their clients. Onvio will be integrated with the Digita Professional Suite as well as providing APIs to allow integration with leading bookkeeping solutions.
Based on the recent Thomson Reuters Accountant of Tomorrow Survey, 65% of accountants feel that MTD is their greatest challenge, and 95% of accountants feel that their role is likely or very likely to change due to technology including MTD.
Mark Purdue, MTD specialist at Thomson Reuters, said: “We believe that accountants will play a vital role in helping their clients manage their VAT returns in the new era of MTD. However, they need to start preparing for this revolutionary change and make sure that they choose the right technology to support their clients. Onvio provides the cloud-based platform that accountants will need to automate processes and continue to provide the tax compliance services their clients expect.”
For more information and to contact Thomson Reuters, visit https://tax.thomsonreuters.co.uk/onvio/making-tax-digital-software/
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