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Topic

    Bami Fadairo
    Oracle Fusion 19B - Making Tax Digital - UK Tax Compliance
    Topic posted August 19, 2019 by Bami Fadairo, tagged Compliance, Financials, General Ledger, Payables, Public Sector, Receivables, Reports 
    35 Views, 1 Comment
    Title:
    Oracle Fusion 19B - Making Tax Digital - UK Tax Compliance
    Summary:
    Making Tax Digital UK Tax Compliant Solution
    Content:

    It appears it will take sometime before Oracle come around to providing a solution that is MTD compliant if at all. Has any customer found any solution that might work with Fusion and able to share?

    The HMRC deadline of October is fast approaching and will be highly grateful for any help.

     

    Thanks

    Version:
    Oracle Fusion 19B

    Comment

     

    • Margaret Walsh

      Please see the ERP Cloud Legislative Update Note on UK Making Tax Digital available on the Cloud Support ERP Cloud Legislative Update Center

      Oracle ERP Cloud: UK Making Tax Digital (VAT), April 2019 (Doc ID 2512821.1) - available in Cloud Support

      https://support.oracle.com/cloud/faces/DocumentDisplay?_afrLoop=366439831465283&_afrWindowMode=0&id=2512821.1&parent=DOCUMENT&sourceId=2328910.2&_adf.ctrl-state=gxnx3lsy5_79

      ERP Cloud does not include any specific features for the requirements of UK Making Tax Digital (MTD). Customers are able to configure ERP Cloud standard features that enable meeting the MTD requirements for the calculation and accounting/record keeping and supports the output of required data through standard reporting (including Tax Box Allocation reporting solution). However, the transmission of the VAT return itself must be handled by customer via partner or third party products.

      UK’s tax authority HMRC allows for this in the regulations and there are a number of solutions available ranging from simple spreadsheets to complex tax compliance type software. HMRC publishes a list of validated software for this purpose. See https://www.tax.service.gov.uk/making-tax-digital-software