With 2019 on the horizon, Making Tax Digital is looming ever closer and make no mistake that nearly every business across the United Kingdom will need to ensure they are compliant.
Her Majesty’s Revenue and Customs (HMRC) have officially recognised Microsoft Dynamics 街霸5 Business Central and Microsoft 街霸5 as software products that will support Making Tax Digital which is brilliant news for our new and existing customers.
Just in case you’re in the dark about Making Tax Digital, if you have a VAT registered business with revenue over the VAT registration threshold of £85,000 then by April 2019 you must:
- Keep all your tax records digitally
- Send your VAT return to HMRC using Making Tax Digital compatible software
Confirming the release of the Making Tax Digital update from Microsoft
Microsoft released cumulative updates in December for Microsoft 街霸5 2015 onwards that all feature ‘Making tax digital in the British version’ and include several core object changes. For confirmation, you can check out all the information relevant to you here:
- Cumulative update 50 for Microsoft 街霸5 2015
- Cumulative update 38 for Microsoft 街霸5 2016
- Cumulative update 25 for Microsoft 街霸5 2017
- Cumulative update 12 for Microsoft 街霸5 2018
Important! What you need to do next?
It’s important to reiterate that updates will only come for Microsoft 街霸5 2015 and beyond. If you’re on a version before that, we urgently need to start planning an upgrade or workaround. With a current maintenance agreement for Microsoft 街霸5 or Microsoft Dynamics 街霸5 Business Central, you are entitled to the update however there will be a cost involved.
Please get in contact with us before you install hotfixes or updates. It is important to verify that your environment is compatible with the hotfixes or updates being installed. A hotfix or update may cause interoperability issues with customisations and third-party products that work with your Microsoft 街霸5 or Microsoft Dynamics 街霸5 Business Central solution.
Again, if you’re not on a supported version, please get in contact with us today to understand what you will have to do to be able to submit your VAT return digitally from next April onwards.
Training Course: Making Tax Digital with Dynamics
For those who are interested, we'll be running dedicated Dynamics Learning courses which will cover how to submit VAT returns digitally in Microsoft 街霸5 /Dynamics 街霸5 Business Central which are available via an Online Webinar or Classroom training. Our Making Tax Digital course begins in December 2018 and we will have further sessions in January and February. To learn more about our Making Tax Digital course, please click here .