Accountants File First XML VAT Return: By Lesley Meall
Source: Accountancy Magazine - Feb 2007
Online accounting software from Liberty Accounts first to file VAT online
When Revenue & Customs launched its XML-based internet filing service for VAT returns and European Commission Sales List (VAT100, VAT101 ECSL) on 14th December 2006, Accountants4Contractors was the first to submit a return.
'In the past we had to enter all data in a back-office accounting package; process the VAT return; save the summary to a pdf and then email internally to our tax manager who then had to re-key everything into the Revenue online portal,' says David Hughes, managing director.
With around 70 client VAT returns per quarter, this took quite some time; and automating the process saves up to 10 minutes for each return. Accountants4Contractors filed its historic return using the online accounting software Liberty Accounts, the first supplier to achieve Revenue recognition for its XML VAT declarations software.