We are pleased to announce the
release of our MTD Compliance Portal Version 4.0, which includes
the following:
New features
For this release we have introduced
the following new features:
PESM:
We have now expanded the calculation engine to include a fully
bespoke PESM calculation builder. For partially exempt businesses,
this feature enables users to configure AlphaVAT in order
to calculate the input VAT recovery in accordance with their
HMRC agreement. The PESM feature is supported with detailed
reports to show how the input VAT in the AP transactions has
been categorised either as wholly attributable to taxable
or exempt sales, or as residual input VAT which is then
“bucketed” into the correct sector for the recovery mechanism
to be applied. Data
Analytics Dashboard: AlphaVAT now provides a dashboard
where you can view a chart showing comparative data for each
of the 9 boxes on the VAT Return; a table showing comparative
transaction data; and a graph showing VAT paid to date, VAT
due in this return and future projection for the year. Data
cleansing: We have introduced data cleaning checks
to identify duplicates, out of period transactions,
and transactions with an unexpected VAT rate. The results
of these checks are shown in transaction reports where you
can indicate whether they are correctly included or should
be excluded from the calculation. Templates:
There is a new feature in AlphaVAT whereby you can save a
template of the structure of the return that you have just
created. This template can then be used in subsequent periods
for this VAT entity or as a starting point for the VAT Return
preparation for another entity. It is designed to save you
time, especially where the calculation involves complex mapping
and filtering. Tagging:
We have added a new feature whereby you can apply a tag to
your source data file. This then enables the system to store
the header and file mappings that have been applied to the
source data file and associate them with that tag. Applying
the tag to the subsequent period equivalent source data files,
means that all the header and file mappings will be remembered
and automatically applied. This will save time and ensure
consistency in VAT Return preparation. In
product notifications: We have introduced a new feature
to enable us to provide information within the product directly
to the end-user. This feature will be used to alert you to
progress in relation to the VAT return preparation, notify
you of deadlines and provide information such as downtime
for maintenance and upgrades. Document
repository: We have introduced a new feature
that allows the user to upload supporting documentation for
their entities. Entity
summary: We have introduced a new feature that allows
users to view a summary of their entity information (e.g.
Name, VRN, Licence type, creation date, created by). AlphaVAT
customers will have the additional option to customise their
data validation diagnostic checks.
Enhancements
We have made the following improvements
to the user interface and layout:
File
mapping: We have improved the user experience with
a new interface for mapping your source data columns to the
predefined AlphaVAT headers, the UI now shows the source data
you are mapping and displays a prompt when all required headings
have been mapped. Calculation
input mapping: We have simplified the mapping screen
to only display the calculation inputs required as per the
settings selected on the VAT calculation options screen. Reports:
We have extended the reporting functionality within AlphaVAT
to provide more detail behind the numbers in the 9 boxes on
the VAT Return. UI
Enhancements: We have made a number of UI enhancements
to improve the layout of the screen and navigation around
the solution.
Bug fixes
We have fixed a number of bugs that
were identified on the MTD Compliance Portal and in AlphaVAT.
Back end enhancements
- System processes
Performance:
We have improved the calculation performance.
More information
Please refer to the following links
for more detailed information on this new release.
Please
contact Technical
support if you have any questions. |
