Access Accounting first to bring UK Standard Audit File to market
Press Release - Friday, August 11, 2006
Award-winning accounting and business software vendor, Access Accounting, has upgraded its SQL accounts applications to include the new HMRC Standard Audit File – Tax (SAF-T) export facility. The file, which is part of the hotly debated BSI specification for accounting software, will allow users to comply with requests from HMRC for detailed VAT information in a standard XML data format.
Kevin Misselbrook, customer service director for Access Accounting, commented, “HMRC estimate that being able to produce data in this format may save larger businesses up to £15,000 per VAT audit. This new data export is an international standard defined by the OECD* and we are very proud to be the first software house in the UK to be able to offer this facility.”
"Giving our users the ability to output historic data in the SAF-T format also empowers them to fulfil their obligations to keep electronic records, in a format acceptable to HMRC, for 6 years. This new feature allows them to archive data in a standard format that is non-software (or version) dependant," he continued.
BASDA, who has played an instrumental role in helping to define this new standard, commented in a press release, “All sizes of businesses will be able to use the standard audit file but the biggest gain is for the small and medium size enterprises, who currently find tax compliance more onerous than larger businesses.”
The ability to extract VAT audit data in a standard common format is an initiative being taken on by a number of countries including Portugal, Canada, and Australia. Holland has had a similar methodology in place as early as 1999.
The government is increasingly moving towards utilising electronic data. This is evident from the recent PAYE e-filing, the forthcoming CIS changes and the whole ethos behind the Carter report.
In addition to offering the SAF-T electronic file, Access Accounting has also released a suite of 25 self-audit reports which will allow both new and existing customers to self-check their VAT data and highlight any potential errors or anomalous transactions before submitting their VAT returns.
For more information on Access Accounting or their range of solutions, please telephone 0845 3453300 or visit www.access-accounts.com
*OECD - the Organisation for Economic Co-operation and Development has a membership of 30 member countries. It is best known for its publications and statistics, with its work covering economic and social issues from macroeconomics, to trade, education, development and science and innovation. See www.OECD.org for more details.
Access.110806.HC.SAF-T1
Notes to Editors:
Access Accounting is the UK’s leading business software house serving the mid-market. Its solutions have been chosen by over 10,000 UK companies - helping them to achieve business success.
A subsidiary of Access Technology Group Ltd, Access Accounting was the first UK vendor to recognise the potential of Windows and create a mid-range accounting platform based on this technology. Today it offers four scalable, web-enabled systems including its flagship solution, Access Dimensions. The company also offers Access Payroll, a combined payroll/personnel suite, which is fully compliant with the latest CIS regulations.
Access Accounting is a Microsoft Gold Certified Partner and a member of the Business Application Software Developers Association (BASDA). It has also received accreditation from major authorities including the Institute of Chartered Accountants in England and Wales (ICAEW) and the HM Revenue & Customs’ rigorous Payroll Standards Scheme. In 2007, the company won ’Financial Software Provider of the Year’ in the Real FD/CBI FDs’ Excellence Awards and ’Mid-range accounting Software Provider of the Year’ in the Sift Media Business Software Satisfaction Awards – both voted for by customers.
Media information:
Helen Carpenter
Head of Group PR
Access Accounting Ltd
T: 01206 322575 / 07833 936311
F: 01206 322956
E: helen.carpenter@access-accounts.com
W: www.access-accounts.com
