With the Making Tax Digital deadline fast approaching, now is the time to get your Dynamics ERP solution ready for it.
In our latest webinar, our very own Dynamics Consultant Suraj Vekaria takes you through Microsoft's update for MTD compliance for Dynamics 365 Business Central or Dynamics NAV versions 2015 or above and demonstrates how the process works.
The webinar covered the following elements:
- Showing the setup process
- Running through the submission of VAT through Microsoft's Making Tax Digital update
You can view this on demand webinar by clicking here.
Also, over the course of the webinar a number of questions were asked by our attendees, please find a selection of the questions with answers below:
|Is there any functionality for Group VAT returns?||No - Currently, the functionality works for individual companies only. However, Microsoft may choose to develop this further to include Group VAT returns.|
|If you had a company from another system, how would you add it?||The functionality in Business Central and NAV only obtains data from the transactions posted to the VAT entry table. You cannot import data from another system.|
|Do we need to set this up for each company that has to file a VAT return?||Yes - For each company you will need to follow the steps outlined in the webinar for linking the application to HMRC.|
|So the system auto fills the information - but we can overwrite any numbers in the form?||No - The Amount field is not editable. For this functionality to work you must be doing your statements in NAV.|
Additional Information around Making Tax Digital
For HMRC's explanation of the MTD for VAT requirements and guidance on how businesses must apply please read VAT Notice 700/22: Making Tax Digital for VAT. This notice gives guidance on the digital record keeping and return requirements for Making Tax Digital for VAT.