SNI UK Making Tax Digital (MTD) is a SAP-integrated solution that enables businesses to comply with the UK’s MTD for VAT regulations. MTD requires VAT-registered businesses to keep digital records and submit VAT returns electronically using software that connects to HMRC’s VAT API. SNI’s solution allows businesses to maintain all VAT-related records digitally within SAP and automatically submit VAT returns to HMRC via a digital link. This ensures full compliance with MTD requirements while minimizing the need for manual intervention or extensive system changes.

Features

• SAP Integration: Keeps all VAT records digitally within SAP systems.
• HMRC API Connectivity: Submits VAT returns directly to HMRC through a secure digital link.
• Digital Recordkeeping: Maintains required VAT data including:
  • Business name, address, VAT registration number
  • VAT schemes used
  • VAT on goods and services supplied and received
  • Time and value of supply
  • VAT rates applied
  • Reverse charge transactions
  • Total daily gross takings (for retail schemes)
  • Reclaimable VAT items (for flat rate schemes)
  • Gold Accounting Scheme data (if applicable)
• Digital Linking: Supports digital links between multiple software systems (e.g., XML, CSV, email, spreadsheet formulas).
• Automated Submission: Eliminates manual data entry and ensures timely VAT return filing.
• Compliance with MTD Rules: Meets the requirements effective from 1 April 2022 for all VAT-registered businesses.

Benefits

• Regulatory Compliance: Ensures full adherence to HMRC’s MTD for VAT regulations.
• Operational Efficiency: Automates VAT return processes, reducing manual workload.
• Minimal Disruption: Integrates with existing SAP systems without requiring major changes.
• Data Accuracy: Reduces errors through automated data handling and digital links.
• Audit Readiness: Maintains complete and compliant digital VAT records.
• Future-Proofing: Supports ongoing digital transformation and evolving tax regulations.