Making Tax Digital for VAT (MTDfV) is a new legislation that came into force for the majority of businesses in April 2019. It means that any VAT-registered organisation with a taxable turnover above the VAT registration threshold is required to keep digital VAT business records. It involves sending returns using MTDfV compatible software for VAT periods starting on or after 1st April 2019. Some organisations including smaller not-for-profits have until October 2019 to comply.
As VAT returns are typically produced within your finance system, you need to ensure that your current solution is MTDfV compatible. As a supplier of Microsoft Dynamics 365 solutions, if you are a user of Dynamics 365 Business Central, you automatically have MTDfV compliant functionality and will not need to take any further action. If you use later versions of Microsoft Dynamics GP, these became MTDfV compatible with the February 2019 hotfix from Microsoft, which included versions 2016/2016R2 and 2018/2018R2.
For users of older versions of Microsoft Dynamics GP, including v10, 2010, 2013, 2015 and 2015R2, it is likely that your version will not be supported by Microsoft to become MTDfV compliant. But don’t worry as there are options open to you that we can support with.
For users of GP2016/GP2018:
Option 1: use the Microsoft MTDfV patch available in the February 2018 Hotfix
Option 2: use the m-hance MTDfV software, especially if you require Group VAT functionality as Microsoft do not provide this capability at this time
For users of V10/GP2010/GP2013/GP2015:
If you are unable to upgrade your older version of Microsoft Dynamics GP to an MTDfV compliant version at this time, our software will provide you with the necessary functionality to transmit the required end-of-period VAT return values to HMRC in a manner compliant with MTDfV directives.
Features of our MTDfV solution:
If you’d like to find out more about our MTDfV solution, here’s what you need to do next:
Step 1: Complete our survey and answer a few simple questions about your current version of Microsoft Dynamics GP and VAT processes.
Step 2: Submit your completed survey.
Step 3: Once submitted, one of our Account Managers will be in touch to discuss your requirements further.