What is Making Tax Digital?
On 1st April 2019, the HMRC Making Tax Digital Scheme came into effect. Making Tax Digital requires all company tax and VAT to be reported electronically. Groups have until 1st October 2019 to start using Group Making Tax Digital compatible software to send their VAT returns to HMRC.
As a result, you will be required to keep digital records from the start of your accounting period using Making Tax Digital software. If you don’t currently use accounting software, or your software is not compatible with the requirements for Group Making Tax Digital, this is where we can help you.
Group VAT Solution
If you operate a group company, you will be required to consolidate your VAT records and report these electronically to HMRC. All relevant VAT records must be included in the submission.
We know it may seem daunting changing the accounting process you are used to working with. With this in mind, we have created bespoke software for Group VAT reporting to make the submission process straightforward. The software includes the following features:
Consolidation of VAT figures into one overall figure required by HMRC.
Ability to pull information from various accounting programmes.
Direct report submission to HMRC from Dynamics NAV or 365 Business Central.
Visibility into VAT obligations to ensure deadlines are not missed.
Our Group Making Tax Digital software is supported in all versions of Microsoft Dynamics NAV and Dynamics 365 Business Central. If you are not already a Dynamics user but you are interested in implementing the solution in your business, we can help! Brookland Solutions specialise in the implementation of Microsoft Dynamics solutions, as well as consultancy, training and support services.
Groups need to submit their returns online from 1st October 2019.
Keen to learn more? Get in touch today to get started and take full advantage of our Group Making Tax Digital solution.