Making Tax Digital (MTD), the HMRC initiative that requires UK businesses to submit their tax returns and payments online while also keeping digital records of their taxes, becomes mandatory from 1st April 2019 with businesses required to submit from a list of HMRC compliant software (of which NetSuite is one) or an API-enabled spreadsheet.
The Making Tax Digital (MTD) 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. As part of the initiative, businesses, including charities will need to submit an electronic or digital format record keeping to the HRMC. It can be an electronic or digital transfer of data between software programs.Currently there are over 250 approved compatible software products listed on the HMRC website
NetSuite delivers functionality to support UK VAT registered businesses and provides a simple mechanism to help those businesses meet the mandatory VAT filing requirements. For existing NetSuite customers, the MTD features are available immediately at no additional cost and with no costly implementation required.
NetSuite customers are simply required to enable the International Tax Reports SuiteApp(for legacy tax) and Tax Reporting Framework (for suite tax). Enabling this will allow HMRC-compatible MTD links, HMRC VAT filing capability and audit trails, meaning compliance can be supported almost instantly thanks to the powerful NetSuite tax engine.
NetSuite is designed to help global enterprises meet their complex tax compliance and reporting requirements. It supports more than 100 countries, delivering automatic feature updates in line with changes to local tax requirements, meaning that customers are seamlessly compliant.