Release overview for version 4.0

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.

SECTION CONTENTS

BACK TO MAIN