New HMRC Legislation for VAT will come into effect from April 2019 for businesses who have turnover above the VAT threshold to use the 'Making Tax Digital system to meet their VAT obligations using digital reporting and record keeping for VAT. The intention is to have the necessary VAT regulations published no later than April 2018, giving businesses and software developers at least 12 months to prepare before the VAT requirements come into force.
Will Microsoft Dynamics GP have this new functionality? At this time, businesses and software developers have been allowed 12 months to work on this. If this is functionality you would like to see added to Microsoft Dynamics GP, please vote on this product suggestion:
Update: The target date is the 2018 Year-End update for Microsoft Dynamics GP 2016 and GP 2018 for the VAT 100 return and VAT Daybook.
New HMRC Legislation for VAT will come into effect from April 2019, where businesses with a turnover above the VAT threshold will have to:
• keep their records digitally (for VAT purposes only), and
• provide their VAT return information to HM Revenue and Customs (HMRC) through Making Tax Digital (MTD) functional compatible software