Over the years, technology has aided businesses across various platforms immensely and now it’s about to make lives much easier through VAT Automation. On April 2019, the government will be implying the MTD (Making Tax Digital) regulation and this is about to make life much smoother for all businesses. The main goal of MTD is to help taxpayers avoid complications with getting their tax correct. Digital records will reduce the amount of tax lost to manual errors and also make filing for tax returns a very easy process. Let’s take a look at how this regulation will help us:
● Reduced errors- With an automated system, there is no chance for errors unless the method is interrupted. As long as the automated command does not change, the cycle is repeated. But with a human workforce, there are more chances of making errors which also hampers the efficiency.
● Quicker VAT returns- We are all aware of how long paperwork takes us but that is not the case here. Under VAT automation, everything is system generated and automated which makes for quicker VAT system. Since the VAT returns are automated, it is much faster when compared to the outdated manual process we are all so used to.
● Accurate reports- Be it audits or other financial records, with an automated VAT process, these records can be accessed and reviewed without any hindrance. If needed, one can also compare soft copies of these report with the hard copies.
● Efficient- A completely automated VAT system eliminates the burden of a manual process. It also saves time, effort, and cost that is usually incurred in the manual process. The same resources can now be utilized in areas that will make the business more efficient.
● Complete VAT compliance- It is common knowledge that tax rules can be changed frequently. With an automated VAT system, it is easy to achieve effective VAT compliance.
ProboVAT offers you a secure and professional VAT management system. Not only is ProboVAT HMRC approved but we also offer you the best with our dedicated and customised service.