Preparing Microsoft Dynamics GP
We have all heard about Making Tax Digital (MTD), the HMRC plan to modernise the tax system to make it more efficient and effective.
As part of this plan, from 1 April 2019, all VAT-registered businesses with a taxable turnover above the VAT threshold will be required to keep VAT records digitally and use compliant software to submit their returns.
At ISC Software, we are here to help Dynamics GP customers to prepare and be compliant in advance of the deadline.
What do I need, to be compliant?
In order to be compliant, businesses above the VAT threshold will need to keep their VAT records digitally and use compatible software to electronically submit VAT returns to HMRC. Your Dynamics GP system will need to be updated to apply the additional functionality for the electronic submissions.
What do I need to do?
To become compliant will depend on what version of Dynamics GP you have:
Dynamics GP 2016 and 2018
Microsoft are scheduled to release a new hotfix in January 2019 that will update the VAT 100 return and VAT Daybook routines - which is free of charge to active customers. The hotfix will be easy to apply but customers will need to plan for its installation.
Pre-Dynamics GP 2016
Microsoft will not be releasing a hotfix for these older versions of Dynamics GP (GP2010, GP2013, GP2015) . However, we are providing customers with two options:
Take the next step
To find out more about about Making Tax Digital and your Dynamics GP system and to schedule an update, get in touch with us and we can advise on the best approach for your business.
Phone: +44 (0)1480 802280
Making Tax Digital Enquiry Form