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Accredited software
New guidance aimed at helping businesses who want to use computer systems for VAT purposes has been launched by HMRC and the British Standards Institute. The BSI Publicly Available Specification 76 — VAT in the UK aims to set out the essential features that HMRC believe should be incorporated into accounting software packages.
It is anticipated that businesses using PAS 76 incorporated software will reduce the time and money they spend on VAT processing, auditing and reporting.
Accredited software
New guidance aimed at helping businesses who want to use computer systems for VAT purposes has been launched by HMRC and the British Standards Institute. The BSI Publicly Available Specification 76 — VAT in the UK aims to set out the essential features that HMRC believe should be incorporated into accounting software packages.
It is anticipated that businesses using PAS 76 incorporated software will reduce the time and money they spend on VAT processing, auditing and reporting.
The PAS 76 also forms the basis for a kitemark scheme, allowing software developers to easily demonstrate their product is compliant with the requirements set out in the specification. The ICAEW will be evaluating the software applying for accreditation under the HMRC scheme. A very high standard will have to be achieved and at the moment, the ICAEW's Craig McLellan says that a few larger providers are interested.
The ICAEW has recently launched its corporate tax accreditation scheme. So far Digita and Deloitte's Abacus have achieved accreditation, but a couple of other major providers are also working towards it.
