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Making Tax Digital for VAT (MTDfV) compliance options

Delivered through Deloitte’s myInsight platform, our solutions address compliance complexity both in the UK and globally and can deliver real benefit to your compliance processes. These include:

  • myInsight VAT Return Filer – Our automated cloud based solution to digitally submit your UK VAT return in line with MTDfV
  • Indirect Tax Compliance (ITC) – Our automated indirect tax compliance platform that assists in streamlining VAT preparation in the changing digital landscape. This supports compliance in excess of 50 countries including the UK
  • PXS – Our cutting edge, market leading solution to automate your partial exemption calculation

Key benefits of Deloitte's myInsight VAT Return Filer

1. HMRC recognised and working solution with no IT setup

Our solution is recognised by HMRC and has already been used to submit VAT return filings by a wide ranging number of clients required to meet the digital filing legislation mandated by HMRC from April 2019.

2. Automated data validation checks against HMRC

All data is validated against HMRC’s latest API checks before submission – this is maintained and updated by our solution.

3. All of your HMRC VAT return filing obligations in one place

The solution will provide you with one place to easily view and manage all of your existing HMRC VAT return filings and include all of your submission responses in addition to trend analyses based on your submissions.

4. Allows you to maintain your existing spreadsheet based process

You may continue preparing your VAT returns via your existing spreadsheet process with minimal disruption.

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Key Benefits of ITC

1. Compatible with MTDfV and other global real time reporting requirements

ITC compatible with MTDfV and other global real time reporting requirements such as SII in Spain, real-time reporting in Hungary and SAF-T in Poland

2. Cloud based solution with a light IT footprint

No “bolt-on” installation required, and therefore easily scalable within a large organisation

3. Consolidation of data from different sources

ITC can be configured to accept multiple data sources and map details such as tax codes and report headers in order to standardise indirect tax reporting

4. Data quality checks

ITC runs a series of 40 standard data tests, including currency exchange rate checks, validation of VAT ID numbers (through VIES) among many others

5. Scalable, multi-jurisdictional application

ITC is Deloitte’s software of choice for completing indirect tax returns. This covers the process from preparation to submission and allows for businesses to manage their indirect tax filing obligations either centrally or locally across multiple jurisdictions.

PXS - VAT Return and partial exemption automation

PXS is an automated VAT solution that can be integrated into your VAT return preparation, reporting, analysis and modelling processes – specifically designed for the challenges of partial exemption.

The Key Benefits of PXS

1. Making Tax Digital

PXS integrates with Deloitte’s myInsight VAT Return Filer, allowing for returns to be filed via our API-link. The automation of the calculation in PXS also meets HMRC’s “Digital Links” requirement for April 2020, and as part of implementation any existing manual steps in the data flows would be addressed.

2. Senior Accounting Officer (SAO) sign-off

Removing manual processes and introducing a comprehensive audit trail significantly increases confidence in the VAT return process for SAO sign-off.

3. Multi-jurisdictional application

PXS can be operated across a number of jurisdictions globally, allowing a business to manage its partial exemption / pro rata VAT calculations either centrally using one solution or locally with the solution implemented.

4. Automation of manual processes

The software significantly reduces VAT return and partial exemption calculation preparation workload and time requirements. Manual errors are minimised whilst users maintain close control and enhanced visibility of all data for review, including a clear audit trail.

5. Data analytics and management reporting functionality

PXS allows users to perform data analysis with data interrogation bespoke to the specific challenges within the compliance process. Statistical and graphical information available based on data input also helps to enhance management reporting.

6. Partial exemption modelling

PXS allows for modelling of partial exemption special methods or business changes (e.g. acquisitions). Allocations, sectors and recovery methods can be easily adjusted, with an analysis of the impact to the VAT position.

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