As talked about in our blog: Ways to enhance your business by Making Tax Digital last year, Making Tax Digital (MTD) is coming. And soon (6th April 2019 to be exact). Also visit our new website section all around our solution for Making Tax Digital software here.
Read on to see the list of questions you need to ask of your business to ensure you remain compliant when using your instance of Microsoft Dynamics NAV.
As an overview and little reminder if needed, MTD is part of the government’s plan to make it easier for individuals and businesses to stay on top of their taxes online – updating their system to be more reflective of our increasingly fast pace of life in the digital age.
Their aim is for the UK’s tax administration to become one of the most digitally advanced in the world.
A mammoth task, there will be some fundamental changes to how the current system works in order to make it:
- More effective
- More efficient, and
- Easier for tax payers to get their tax right.
Possibly one of the biggest shake-ups for businesses since the introduction of Automatic Enrolment of Workplace Pensions in 2012. MTD will see the end of traditional accounting methods such as spreadsheets, manual records and the classic shoebox system.
Going online, completing tax returns should therefore become more reliable and with less chance of error. However, this means the onus is on businesses to update or upgrade their current system to remain compliant.
Taking some of the stress away in the remaining three months up until April, businesses that use Microsoft Dynamics NAV or 365 Business Central will find this process easier.
Designed to simplify business operations, MTD functionality is incorporated for the April 2019 deadline, and offers Microsoft’s steadfast commitment to ensuring customer compliance.
MTD questions to ask when using Microsoft Dynamics NAV
Contacting our clients in the coming weeks to help this process run as smoothly as possible, we’ll need to know the following:
- Are you in a standard quarterly or monthly VAT scheme?
- Do you have a Government Gateway Account?
- Do you run and post the Calculate and Post VAT Settlement Report in NAV for each VAT return period?
- Is the VAT Statement set up?
- Do you currently submit the exact numbers from Boxes 1 to 9 from the VAT statement which NAV has calculated?
- Does your VAT Statement reconcile to your General Ledger for each VAT return period?
A big change for individuals and businesses alike, for more information speak to one of the most experienced Microsoft Dynamics partners in the UK, and find out how MTD can impact and benefit your business. Get in touch with TVision today.