Magic Tax for Keyloop Users Webinar Demo – 17th May 2023

Are you tired of the tedious and time-consuming process of managing VAT returns for your motor industry business?

Are you looking for a solution that can streamline this complex task and save you valuable time and resources?

Would you like to bring the task of submitting your vat returns back in-house and avoid paying accountants to carry out the task?

Join us for our next demo of Magic Tax (Teams webinar) on:

Wednesday, 17th May 2023

at: 11:00 am

This a great opportunity to see the Magic Tax solution in action and ask the team any questions.

Registration to join the webinar (duration approx 1 hour) is required.

Businesses in the motor industry will be no strangers to the complexities of VAT returns.

Managing VAT can be a daunting and challenging task, involving meticulous record-keeping, complex calculations, and rigorous compliance with ever-changing tax regulations. Add in the requirements for manual adjustments such as fuel-scale & RMI charges, the movement of deposits and postponed import VAT and you are left with a messy process that’s unlikely to comply with HMRC’s regulations regarding digital record-keeping and digital links.

This can often result in manual input errors, delays, and even fines, leading to unnecessary stress and financial losses.

But with Magic Tax, you can wave goodbye to these issues and experience a seamless and efficient VAT return process.

How does it work?

Magic Tax is a bridging software solution that is ‘Making VAT returns digital’ for Keyloop users in the motor industry, transforming the way these businesses handle their tax obligations.

By integrating with HMRC’s MTD for VAT software system, Magic Tax uses the data from the VAT summary file uploaded by the user (in the exact format it is extracted from the Keyloop system) and calculates the VAT return for you based on the Tax groups and tax codes you specify you would like included from your data.

The solution calculates the return and gives you the opportunity to check the calculation before submitting it to HMRC quickly and easily.

HMRC Recognised

One of the key features that set Magic Tax apart from other bridging software solutions is that it has been specifically developed for users of Keyloop (CDK, Kerridge) Drive & Autoline Dealer Management System – so understands the unique complexities of the motor industry.

The solution is HMRC-recognised and therefore compliant with the HMRC regulations regarding digital record-keeping, digital links, and the no copy/paste rule.

Since all manual adjustments, such as Fuel-Scale charges and the movement of deposits are made within the Keyloop (CDK) system before the VAT Summary file is extracted, Magic Tax fully complies with HMRC’s regulations and enables companies to provide proof of all transactions from within the Keyloop solution should it be necessary during an audit.

No requirement for manual manipulation of spreadsheets or re-keying of data = no room for error!

Compatible with Keyloop (formerly CDK/Kerridge) Drive & Autoline DMS (formerly Rev8/Revision8)

The Keyloop DMS solution is still affectionately referred to by their users as ‘CDK’, ‘Kerridge’, and ‘Keyloop’. The DMS solution has also been called Rev8 (Revision8), Autoline, and more recently Drive.

Magic Tax is compatible with all versions of this software and the VAT Summary files that can be exported from them.

It will even allow files with varying formats to be uploaded and merged into one submission.

Magic Tax requires the Tax Groups and Tax Codes to be entered (to match your Keyloop environment) as part of the setup process. By adding the Tax Groups and Tax Codes you wish to be included in boxes 6 & 7 of your vat return the first time you use the solution – you are ensuring Magic Tax knows where to look for the relevant data.

Then simply upload the VAT Summary file/s to Magic Tax, the solution will calculate your 9-box data, give you the opportunity to check you are happy with the calculation, and allow the submission to be made to HMRC… simple!

The Magic Tax dashboard also displays company liabilities, obligations, payments, and filing history, all from within the Magic Tax dashboard.

Quick & Easy to use

Another significant advantage of Magic Tax is its user-friendly interface. The platform is designed to be intuitive and easy to use, with a minimal learning curve. You don’t need to be a tax expert to use Magic Tax – the software does all the heavy lifting for you.

It provides you with a clear overview of your VAT liabilities and obligations as well as your filing history from a simple dashboard. This empowers you to optimise your VAT management, ultimately saving you time and money.

Registering with Magic Tax is quick and easy. Once you have signed up for a Magic Tax account, you can apply for a free trial.

Then simply configure your Tax Groups and Tax Codes to match your Keyloop setup, upload your VAT Summary Report/s extracted from Keyloop and Magic Tax will do the rest!

Free Trial

Keyloop users can sign up for a 3-month *FREE Trial of Magic Tax – allowing them to file one VAT submission to HMRC.

Support

As a forward-thinking company, KFA Connect, developers of Magic Tax are also committed to providing first-class customer support.

The platform offers a dedicated support team that is available to assist you with any questions or issues.

Magic Tax also provides regular updates and improvements based on customer feedback, ensuring that the solution always keeps up with its user’s requirements

Demo

Why not join our next demo session of the solution on Wednesday, 17^th May at 11.00 am.

*FREE Trial ends after 3 months or when you have made a VAT submission – whichever comes first.

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