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What is Making Tax Digital and how can your business be ready?

Liam O'Brien
10/01/2019 10:06
What is Making Tax Digital and how can your business be ready?

This new legislation for the UK requires all businesses above the VAT threshold of £85,000 to keep digital records of their VAT returns from April 2019. In 2020, corporation tax and self-assessment tax returns will also need to be completed and stored digitally. Crucially, these files will need to be completed, stored and submitted to HMRC using MTD-compliant software.

This compliant software isn’t as simple as filling in an Excel spreadsheet and emailing it to HMRC. The requirements are significantly higher than that. Your software must be able to communicate with HMRC digitally.

How can businesses make the change simple?

This is where a programme like Microsoft Dynamics 365, Dynamics Business Central specifically, comes in. Like QuickBooks or Sage, it is a fully featured, user friendly accounting program that is designed to make the life of every finance department that bit easier. However, unlike rivals, it offers so much more than simply managing the books.

When it comes to finance and tax management, Dynamics Business Central provides a platform that isn’t just MTD compliant, it’s one of the systems recommended by HMRC. It’s also fully GDPR compliant and updates automatically to take into account any future regulation changes which may emerge. Day to day, Dynamics Business Central offers a complete solution for VAT management that makes reporting to HMRC as simple as possible.

The crucial time-saving features include:
-    Visibility into VAT obligations – Retrieve and store VAT obligations inside the system.
-    Creating VAT returns based on VAT obligations – Create a new VAT return with one click.
-    Remind users of upcoming VAT obligations
-    Submit VAT returns to HMRC – Submitting VAT returns is a one-click operation with a receipt immediately created.
-    View your VAT liabilities and payment – HMRC is making your VAT liabilities retrievable through APIs.

As well as offering around 600 features that QuickBooks Online can’t match, Dynamics 365 also benefits from being built on the Microsoft cloud, meaning you can access your accounts and services from anywhere, using a familiar interface and boasting enough server redundancy to ensure 99.9% uptime.

As Microsoft partners and experts, Westcoast Cloud are ideally placed to assist small and medium businesses that are looking to update their finance systems to meet the new MTD standards. Our relationship with Microsoft allows us to provide the latest and greatest software and hardware at the best prices, as well as all the support you need to be comfortable with the MTD revolution.

Ready to embrace the new world of UK tax? Contact us and see how we can help your business.

 

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