Ensuring compliance with HMRC’s Making Tax Digital initiative

This from Azzure IT…

With the HMRC’s ‘Making Tax Digital’ initiative coming into effect in April 2019, all VAT registered businesses with a turnover of over the threshold of £85,000 a year will need to comply.

This means that most companies in the UK need to move quickly to make sure their business software is compatible with the regulations of Making Tax Digital. As we at Azzure IT are Microsoft Dynamics gold partners, we will be focusing on Microsoft Dynamics software, and what businesses using this software will need to do to make sure they comply.

Any businesses using Microsoft Dynamics NAV software need to make sure they are:

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Keeping digital records for VAT purposes.
Providing VAT return information to HMRC through Making Tax Digital compatible software, not through the HMRC online portal.
Having made the software ready several months ago, Microsoft officially became an approves supplier of Making Tax Digital at the end of October.

There are a number of benefits to moving to a digital tax platform, such as making your business’s tax administration more effective, more efficient and more accurate.

The link below will take you to the Azzure IT website, where there is detailed information of what your business needs to do to make it ‘Making Tax Digital’ compatible. It covers every part of the Microsoft Dynamics Suite, including Business Central Dynamics NAV 2009 – 2018.

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