Jewellers using Bransom’s retail systems in their businesses will be able to use the technology to comply with new tax return guidelines that come into force next year.
Under HMRC’s new ‘Making Tax Digital’ scheme, businesses will be required to submit their VAT returns fully digitally and keep digital records from April 2019.
While there will be many ways of achieving this with external accounting packages or spreadsheets, adopters of Bransom’s bsmart Accounts package will be able to use a new direct API link to submit their returns.
Bransom clients who use the integrated extract to accounts packages such as Sage50, 100 and 200 or Xero will be able to quickly and simply transfer the VAT data using these links.
This will save retailers a great deal of time and expense, since there is no need to manually update figures between systems, the company said.
Bransom’s comprehensive VAT reporting system has won plaudits for its accuracy and depth of reporting.
The system calculates VAT correctly on deposits (especially if changed mid-purchase), credit notes, second-hand margin-scheme, Private Treaty and antiques.
It also caters for EU purchasers – likely to still be required after Brexit – and produces Intrastat reports.
Bransom said it will be offering special upgrade packages for both existing and new customers for a limited period.