Making Tax Digital for Dynamics GP - An Update

Our Making Tax Digital solution 'VAT Submission' is now available. Our software has been recognised by the HMRC for use with Making Tax Digital. 

Click here to visit our 'VAT Submission' web page and find out more about our solution for sending your VAT returns to HMRC.

Helping Dynamics GP users with Making Tax Digital

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.

To ensure this new legislation is adhered to, Microsoft has committed to add functionality to their Dynamics GP product, but these changes won’t benefit all GP users. Below we take a look at the outcome of the recent announcement from Microsoft.

 

Microsoft announcement

Microsoft has announced that they are working on adding functionality to GP2016 and GP2018 to ensure that it is compliant for Making Tax Digital. So that’s good news for our Dynamics GP 2016 and GP2018 users. We haven’t been told the exact date of when this new functionality will be available, but it will be before April 2019 as that is when the HMRC Legislation will come into effect.

Microsoft has confirmed that they are in direct dialogue with the HMRC and advisory groups in the UK to ensure that the product functionally supports Making Tax Digital before it takes effect for businesses.

Unfortunately, Microsoft has confirmed that they will only be adding this enhanced functionality to Dynamics GP2016 and GP2018. This means that anyone using a previous version of Dynamics GP will not have this added Making Tax Digital functionality.  

 

How we can help with Making Tax Digital

As a development partner for Microsoft Dynamics GP, Nolan Business Solutions is looking to write Making Tax Digital functionality for Microsoft Dynamics GP2015 and below.

We don’t have the exact requirements from HMRC as yet, but we are members of the HMRC’s developers forum so should receive these shortly.  

We will also be working on making our Advanced VAT module compliant by either writing the upload direct from our Advanced VAT module or piggybacking off of the Microsoft Dynamics upload.

We will be sure to update you once we know more.

Our Advanced VAT module for Microsoft Dynamics GP

Whether your organisation can fully or partially recover VAT based on a fixed percentage agreed with the HMRC or a variable percentage calculated monthly or quarterly, Nolan Business Solutions Advanced VAT module will manage the calculation and the correct posting of each transaction for you.

The module allows you to define the tax treatment by the account that you are posting the expense to therefore allowing you to define different tax treatments by cost centres, divisions, type of expense and project: in fact anything that is defined by that account

The recoverable portion of the VAT is accounted for and stored for reporting and the irrecoverable portion can be posted back to the original expense account or to a specific area to be redistributed later.

For more information or guidance on any of the above, get in contact with one of the team at Nolan Business Solutions who will be able to help you and your business Make Tax Digital. 

Email - sales@nolanbusinesssolutions.com

Phone - 01252 811 663