UK recognizes Microsoft Dynamics 365 Business Central, NAV for enabling firms to comply with Making Tax Digital
Microsoft has announced that that Dynamics 365 Business Central (D365BC) and Dynamics NAV are now on the United Kingdom's list of software products that support the Her Majesty's Revenue and Customs (HMRC) Making Tax Digital initiative.
The initiative requires businesses to register, file, and pay taxes as well as update their information in the UK using a new online tax account.
The requirements of Making Tax Digital (MTD) apply to the UK's value-added tax (VAT), an indirect tax applied at the consumption of most goods and services. The two broad requirements are:
- Keep digital records (for VAT purposes only)
- Provide VAT return information to HMRC through Making Tax Digital-compatible software
“HMRC is maintaining a list of software products that support Making Tax Digital and we are pleased to inform new and existing customers that Dynamics 365 Business Central and Dynamics NAV are now on the list,” according to a blog post by Søren Friis Alexandersen, senior program manager, Dynamics 365 Business Central and NAV, at Microsoft in Denmark. “This means that the HMRC has been presented with a demo of our solution and confirmed our tests with integrating to their APIs.”
Some of the features of the Microsoft SMB ERP products to support Making Tax Digital fall include that Alexandersen outlines are:
- Visibility into your VAT obligations – HMRC enables Dynamics 365 Business Central to get secure access to a company's VAT obligations through the HMRC's systems. D365 Business Central retrieves and stores them inside the system and calls them “VAT Return Periods, which lets a business know about its current VAT ...
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