FOR IMMEDIATE RELEASE
Zoho simplifies Making Tax Digital compliance with its connected suite of applications
Zoho adds VAT filing to Zoho Books and simplifies MTD compliance with its pre-integrated offering to help businesses in the UK prepare for the upcoming government initiative
Utrecht, The Netherlands - October 16, 2018 — Zoho Corporation has today announced that its cloud accounting application, Zoho Books, can be used to successfully submit VAT returns under the UK government’s Making Tax Digital (MTD) programme. Businesses will be required to use the MTD system from April 2019 if their turnover is above the VAT threshold; the government has suggested that the scope will widen from 2020 as part of its objective to encourage digital record keeping.
In addition to managing their accounting, Zoho Books users are able to effortlessly submit their periodic VAT returns to HMRC. As Martin Hargreaves, Director of Ultra Accountancy Limited, explains: "Being a technology-driven Zoho Books partner, we volunteered for the pilot to stay ahead of the curve. It's a landmark moment and we are proud to be the first to submit VAT returns with Zoho Books."
Sridhar Iyengar, Zoho Corporation's Head of European Operations, comments: "The UK is one of the prime markets for us; with MTD coming into effect, our customers will find it easy to file their VAT returns directly from Zoho Books."
MTD requires data to flow digitally between multiple applications and mandates them to work in conjunction with a compatible accounting package. With Zoho, whether a transaction is created in the CRM app, expense app, or any of the other 40+ apps, the data seamlessly flows into Zoho Books. Iyengar added: "Zoho's MTD solution is not siloed. Zoho wraps MTD compliance around organisations' day-to-day operations, giving them confidence that they are fully compliant."