LONDON, Oct. 15, 2018 /PRNewswire/ -- Ryan, a leading global tax services and software provider, recently released Ryan MTD Bridge, an Excel-based software application for corporations seeking an immediate solution to meet the U.K.'s new Making Tax Digital for Business (MTDfB) requirements. MTDfB is a U.K. government initiative that sets out a vision for the "end of the tax return" and a "transformed tax system" by 2020. As a first step toward this transformation, Her Majesty's Revenue and Customs (HMRC) is requiring businesses to use the MTDfB system to meet their value added tax (VAT) obligations in 2019. Beginning 1st of April, companies whose taxable turnover exceeds the VAT registration threshold must begin keeping records digitally and submit VAT returns via HMRC's application programming interface (API). The portal most commonly used today will no longer be available.
Ryan MTD Bridge is designed to quickly and affordably address this pending VAT compliance requirement while providing an extended timeframe for oganisations to strategically address the evolving regulations and remain compliant. Recognising the majority of U.K. VAT return preparation takes place in Excel, Ryan MTD Bridge was developed in Excel to be easily incorporated into existing processes and is recognised by HMRC.
"Ryan MTD Bridge is designed to fit seamlessly into our clients' processes and implementation and meet the basic functionality that is required," said Grant Smith, Ryan principal and Tax Technology practice leader. "We created this product to be a bridge to a permanent solution, with a minimal investment, and be supported by Ryan's industry-recognised commitment to client service excellence."
Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. The Firm provides an integrated suite of international tax services on a multi-jurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a six-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognised as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,200 professionals and associates serves over 14,000 clients in more than 50 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com/europe. "Ryan" and "Firm" refer to the global organisational network and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.