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Posted by Rowan Gill on April 6th 2019
The introduction of the new HMRC VAT submission systems “Making Tax Digital” (MTD) is now live! The latest changes are just the first steps in bringing in the new framework for VAT return submissions and affects companies with a turnover above the VAT threshold (currently £85,000) who may now be required to keep their records digitally (for VAT purposes only). Those companies affected will no longer be able to manually submit their VAT returns online using the current portal and will need to provide VAT return information, via an API directly, to HMRC servers.
If you are unsure whether your business will be affected by this new legislation you can find out by contacting HMRC.
In December, Microsoft announced that they have released the relevant cumulative updates (CU) to support the new MTD processes. These updates have been, and will only be, released for supported versions of Dynamics NAV and Business Central. This means that if you are running Microsoft Dynamics NAV 2013 R2 or below will not have access to the new functionality and will need to find alternative solutions.
In order to take advantage of the MTD functionality, the December 2018 CU needs to be applied to Microsoft Dynamics NAV and Microsoft Dynamics 365 Business Central business database. This will involve merging the updated objects in the CU into the customers database. There are two different ways this can be done…
There are also options available outside of NAV for those customers that do not want to invest in the latest CU to be merged, which are noted below.
It is possible to utilise MTD in the following ways:
Take a look at some useful MTD resources to help you get started.
Making Tax Digital Readiness Checklist
Making Tax Digital Evo-soft Video
As a Microsoft Dynamics NAV and Business Central specialist, BCN can provide resources to get your business ready for MTD and assist you with your understanding of the processes within the application.