As anyone within financials will know, there has been a lot of talk surrounding “Making Tax Digital” – but are these regulatory changes supported by Microsoft Dynamics NAV / 365 Business Central?
What is “Making Tax Digital”?
Every business now has access to their own personalised digital tax account and these are being regularly expanded and improved upon. It is HMRC’s ambition to become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply.
When does it come into effect?
Businesses in Northern Ireland will not be mandated to use the Making Tax Digital for Business system until April 2019 and then it will only to meet their VAT obligations.
Making Tax Digital will be rolled out in phases – or rather – enforcement of different aspects of this initiative will happen over time.
Microsoft’s commitment to Microsoft Dynamics NAV / 365 Business Central MTD Compliance
Microsoft are working to ensure that the supported UK versions of Microsoft Dynamics 365 Business Central, as stated in the Microsoft Lifecycle Policy, will comply with the Making Tax Digital initiative.
Microsoft Dynamics already support submitting VAT reports electronically. However, at the moment the technical requirements of the initiative are unclear, as such, Microsoft are in dialog with the HMRC and advisory groups in the UK to ensure that their products functionally support Making Tax Digital before it takes effect for businesses.
Here are some of the frequently asked questions we get on Making Tax Digital from our customer and partner communities:
For more information or to speak with one of our Microsoft Dynamics ERP Consultants contact firstname.lastname@example.org