HMRC XML Report

The HMRC XML Report is specifically for the DAC7 regulation, and to meet HMRC's requirements for reporting as a platform operator.

Before downloading the HMRC XML Report it's important that you add the relevant Remittances and have accurate Owner information.

Once details for your Owners are fully populated, and Remittances are recorded, you can navigate to the report by going to:

Reports > HMRC XML Report

By default the Report Year will be set to 2024, Submission Type to "New Data", with "Deferred due diligence" and "Test Submission" turned on.

This configuration is prepared for your first test upload to the HMRC portal for reporting new owners who have signed up in 2024

Please make sure that you are toggling the "Test Submission" to off when downloading and submitting a genuine report to HMRC.

Similarly, if you are not opting to Defer Due Diligence, are instead reporting on all of your Owners, then you'll need to toggle this option off too.

If you submit a test to HMRC make sure your following report not only has "Test Submission" unselected, but you also change the Submission Type to "Correction" and include the file name of your first upload.