Whether you’re a business owner or accountant, the UK’s new Making Tax Digital initiative is the UK’s biggest tax shake-up in a generation.
In this blog we’ll explain what it is, when it’s happening and more about Microsoft Dynamics 365 Business Central the complete finance management solution that is now approved by the HMRC.
If you have a VAT registered business with revenue over the current VAT registration threshold of £85,000, there are two things you must do as per April 2019 when the new Making Tax Digital initiative goes live.
You can implement any finance management solution that the HMRC have added to their approved Making Tax Digital list that fully integrates with the HMRC API. Both, Microsoft Dynamics 365 Business Central and Microsoft Dynamics NAV are now included as approved solutions.
Microsoft Dynamics 365 Business Central is an all-in-one business management solution that’s easy to use and adapt, helping you connect your business and make smarter decisions. Business Central has many features and useful functionality that supports Making Tax Digital all of which fall within these categories:
Microsoft has reported that existing users of Microsoft Dynamics 365 Business Central should have access to these new features outlined above by the end of 2019. Please note: The functionality may vary from versions to version because of technical differences in the versions spanning from Dynamics 365 Business Central down to Microsoft Dynamics NAV 2015. If you are interested in implementing Microsoft Dynamics 365 Business Central or finding our more about the Making Tax Digital initiative please get in touch.