Making Tax Digital for VAT (MTDfV) is a new legislation that came into force for the majority of businesses in April 2019. It means that any VAT-registered organisation with a taxable turnover above the VAT registration threshold is required to keep digital VAT business records. It involves sending returns using MTDfV compatible software for VAT periods starting on or after 1st April 2019.
What do you need to do?
For users of GP2016/GP2018:
Option 1: use the Microsoft MTDfV patch available in the February 2018 Hotfix
Option 2: use the m-hance MTDfV software, especially if you require Group VAT functionality as Microsoft do not provide this capability at this time
For users of V10/GP2010/GP2013/GP2015:
If you are unable to upgrade your older version of Microsoft Dynamics GP to an MTDfV compliant version at this time, our software will provide you with the necessary functionality to transmit the required end-of-period VAT return values to HMRC in a manner compliant with MTDfV directives.
Contact us if you’d like to find out more about our MTDfV solution.
Features of our MTDfV solution
- It’s been specifically designed for Microsoft Dynamics GP
- It enables compliance with legislative requirements
- It disables deprecated functionality in Microsoft Dynamics GP
- It provides a full audit trail / history of VAT submissions
- It supports group VAT submissions (not currently supported by Microsoft in the February 2019 hotfix)
- It does not require bridging software
- Full training can be provided