04 July 2019 
Carol Varns, VAT Manager
PwC gave a brief overview of MTD. They also confirmed that there is no sign from HMRC that there will be any further delay to the roll out of MTD so we all need to keep to existing deadlines.
The process after signing up for GITC with PwC starts with a workshop to go through how your process gets to your nine box VAT return figures, and to check if you have the transactional detail required for MTD, which reports work etc. PwC has found that around 80% of data to configure the GITC software is covered off during the workshop, and 20% requires some adjustment/work. The workshop provides a good idea of what is involved for both PwC and the university client.
GITC can take up to 250 fields but 10-15 fields are typically what is required. Some fields are required on each line e.g. VAT registration number, and can be hard coded in GITC so that it automatically appears on the line without the need for it being present in the actual university report.
GITC uses ‘Sectors’, but this term doesn’t only mean traditional PESM sectors, these are ways of reviewing or using the data, and can be subsidiaries, departments, or whatever is required by the university.
For each VAT return within GITC there is a ‘Preparer’, a ‘Reviewer’ and a ‘Sign Off’ structure that requires completion and comments boxes. This provides a robust audit trail for the VAT return.
There are a number of exception/management reports and the university can set up its own reports as well. Reports can be exported to Excel for further action. A report of any adjustments made in GITC can be exported and used to adjust in the accounting system. All adjustments in GITC are recorded and require a comment for full audit trail purposes.
You can find more information on GITC by watching the GITC Webex on the BUFDG website or by contacting PwC.
