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Making Tax Digital is on everyone's lips in the United Kingdom (UK) at the moment. And with good reason. Making Tax Digital is an initiative to make it easier for both businesses and individual citizens to stay on top of their tax-related affairs. The ambition of Her Majesty's Revenue and Customs (HMRC) service is to become one of the most digitally advanced tax administrations in the world and to make the tax system more effective, efficient, and easier for customers to comply with.
Making Tax Digital will be rolled out in phases - or rather - enforcement of different aspects of this initiative will happen over time.
At the time of this post we know that businesses in the UK will be required to start using the Making Tax Digital system in April 2019, but only be to meet their VAT obligations. This is, of course, subject to change. The UK government has said (committed) that it will not broaden the scope of Making Tax Digital for business beyond VAT until the system has proven to work, and not before April 2020 at the earliest.
We are working to ensure that the supported UK versions of Microsoft Dynamics 365 Business Central, as stated in the Microsoft Lifecycle Policy, will comply with the Making Tax Digital initiative.
We already support submitting VAT reports electronically. However, at the moment the technical requirements of the initiative are unclear, so we are in dialog with the HMRC and advisory groups in the UK to ensure that our products functionally support Making Tax Digital before it takes effect for businesses.
Here are some of the frequently asked questions we get on Making Tax Digital from our customer and partner communities:
If you want to know more about the foundations for Making Tax Digital, please see this page from the UK government.
Want to try Dynamics 365 Business Central in the cloud, see: https://businesscentral.dynamics.com
Are there any updates on when this functionality will be released for Dynamics NAV? Presumably it will be part of a CU?
Is there any update on when this functionality will be available for supported versions of Dynamics NAV? Is there a Cumulative Update or Hotfix that can be applied to make supported versions compliant?
Is there any news on when an update or hot fix will be available for supported versions? Which specific versions will the fix be applied to