Making Tax Digital

As of April 1st 2019, all UK VAT payers over the VAT registration threshold have to file their VAT returns via HMRC’s new digital platform. Why not get your Microsoft Dynamics solution prepared today? 

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What is Making Tax Digital?

In 2015, HMRC announced the Making Tax Digital (MTD) initiative along with plans to fully modernise the UK tax systems in order to help to reduce tax errors within the UK.

The aim of this initiative is to make it simpler for both individuals and businesses to manage their finances through a new online tax system which will allow users to view personalised tax accounts which provides them with relevant and up to date information.

The initiative came into force on 1 April 2019 and now requires all UK VAT payers over the VAT registration threshold (£85,000) to file their VAT returns via HMRC's new digital platform including Microsoft Dynamics GP & Microsoft Dynamics NAV users with versions older than 2016.

HMRC’s new platform ends manual keying-in of VAT return totals, that leaves businesses with the below options.

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Making Tax Digital with Advantage

If you are a small to medium sized business looking to ensure that your Dynamics NAV, GP or 365 solutions are Making Tax Digital compliant, we have the following options available.

Option 1: Microsoft Update Option 2: Upgrade your NAV or GP solution

Solution Overview

If you are currently using Dynamics 365 Business Central, Dynamics GP versions 2016 or above or NAV versions 2015 or above then Microsoft have released an update for this.

Solution Overview

If you are using a Dynamics NAV version below 2015 or GP version below 2016 then you will need to consider upgrading to 2016 to become Making Tax Digital compliant.

We also have some alternative options available to help you become MTD compliant:

Option 3: Cloud Services VAT Submission Option 4: VAT Reporting solution Option 5: Managed Returns Service  Option 6: Excel 'add in' for your NAV/BC or GP solution (in fact any ERP solution)

Solution Overview

VAT submission is a MTD accredited application for submitting your VAT Returns to HMRC. As an Accounting Application link, Cloud Services VAT Submission receives your VAT returns created in Dynamics GP or ERP solution and allows you through our Portal to submit it to HMRC. The Portal allows for definition of VAT Groups and links them to your VAT Entities.

Solution Overview

VAT reporting helps remove the complexities of filing VAT returns in multiple countries and ensures they match the required formats of each of the countries.

Solution Overview

Let us take the strain off your business by managing the whole Making Tax Digital process from start to finish to make sure your business is fully compliant in the fastest possible time.

Solution Overview

If you don't wish to upgrade your GP or NAV solution you can consider our Excel 'add in' solution which is fully HMRC API enabled, quick and easy to adapt to whatever records or ERP systems you use today.

Please note: The above Making Tax Digital options are subject to change.

If you would like to discuss any of the Making Tax Digital options above then please get in touch with our Making Tax Digital experts today by filling in the below form.