How FIS assisted a Major UK fashion retailer to assist with VAT and Tax payment checking.
Client: Major UK Fashion Retailer
Large data sets, matching cliteria, date synchronisation, reporting tools
Hosted / Cloud application with managed service consultancy - comparing large datasets on a monthly basis.
Short return on investment
Significant reduction in manual file comparisons
Supporting evidence for payments to HMRC
Grails GSP and Bootstrap Twitter (front end)
A major UK retailer imports a high proportion of goods from overseas. The goods are stored in bonded warehouses throughout the UK. The bonded warehouse is a secure area for which gods are stored but duty has not yet been paid by the importer. The duty to HMRC is paid only when the goods leave the warehouses on their way to the retail outlet.
A large volume of goods are exchanged each month within the warehouse and our client needed a sophisiticated tool to check that the duty to the UK government and associated VAT payments was accurate. Our client needed to compare files from the bonded warehouse and HMRC, these were typically:
- delivery statements for goods leaving
- statements from HMRC and
- stock lists (i.e. goods inventory)
- goods arriving to warehouse
The files from all parties were in different formats but could be referenced by a number of specific matching criteria.
The results from the application would confirm whether the correct amount of duty and VAT was being paid to HMRC. The file comparisons were matched automaically and a delta-file was created that summarised the file differences.