The Vanilla Application

Vanilla announces it’s latest software application, Vanilla MTD for IFS

Making Tax Digital (MTD) for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software.

Vanilla MTD for IFS provides a digital link between IFS Applications and HMRC.  This way, IFS will record all sales, purchases, and expenses in a digital format, and then transfers the totals for each of these to API-enabled software which prepares the VAT Return. The API-enabled software has the necessary functionality to prepare the VAT Return, and submit this to HMRC via an API

This method is depicted below, which includes a link to the subject on the HMRC website

The Vanilla MTD for IFS application will be fully compliant when delivered, including the digital link to IFS and API submission to HMRC

Overview

Software is often over engineered, especially when part of regulatory change.  Rather than make this mistake and deliver something that is complicated and difficult to understand, we’ve thought about how our customers work today, and want to continue to work, to deliver the right solution for them

Customers are already using IFS and completing VAT returns based on that data.  When developing Vanilla MTD for IFS, our strategy has been to re-use as much of this existing process as possible, to ensure simplicity and success

The Vanilla MTD application is based on that same process and our application acts as a digital link that retrieves the VAT related data from IFS and transmits it securely to HMRC via their API.  The solution supports all versions of IFS and uses the correct IFS connector depending on your license model

There are two components as part of the software package

  1. MTD templates (based on IFS data) that collate the VAT information (whether from tax ledger, general ledger or sales, purchase, expense modules)
  2. A client application that extracts this data digitally, presents it in the format for submission, and submits it via the HMRC API

Following extensive development and internal testing, the Vanilla MTD for IFS application has been reviewed by HMRC and we are pleased to announce that it has been recognised as suitable for MTD.

 

 

Next steps

To find out more about Vanilla MTD for IFS, click here, fill in your details and one of our representatives will be in touch shortly