Make Tax Digital (MTD)
Become one of the most digitally advanced tax administrators in the world with SAP Business One
What is Making Tax Digital (MTD)?
HMRC has brought Making Tax Digital as an initiative toward establishing one of the most digitally advanced tax administrations in the world. It is aimed at transforming tax administration to make it more effective, efficient, and easier for taxpayers.
Making Tax Digital for VAT becomes mandatory for businesses with a turnover above the VAT threshold of £85,000 and optional for businesses below this threshold from April 2019. HMRC looks forward to widening the scope of Making Tax Digital by April 2020.
If your enterprise falls under the mandatory category of Making Tax Digital for business, then you need to maintain digital records. The HMRC authorised Making Tax Digital for VAT submission software will ensure that you are compliant for the future.Read More
Boost Transparency and Accuracy of Your Making Tax Digital for Business Records with SAP’s Harmonised Solutions
SAP Business One Version Release for Customers
June 2018Pilot Program
SAP Business One team starts pilot API testing with HMRC
September 2018Demo to HMRC
HMRC/SAP Business One pilot test project continues and development in progress
AutumnPreview Program (Beta)
Selected SAP Business One customers and VAT registered to join trial program
December 2018Release for Customers
SAP Business One 9.3 PL08 to contain key enhancements for MTD readiness
April 2019MTD Deadline
VAT registered and above VAT Threshold (£ 85,000) filed online
VAT Return with SAP Business One
SAP Business One for Advanced Compliance Reporting enables you to
Monitor your legal compliance reporting on a global scale through a single, unified dashboard – and get full audit traceability.
Use flexible business rules and an extensible report design environment to comply with constantly changing legal requirements.
Get support for on-time global compliance with multiple legal reporting formats and direct submission to regulatory authorities.
SAP Business One Solution Benefits for Making Tax Digital
Automated end-to-end MTD for VAT reporting process from single solution
Supports direct submission of VAT return to USA HMRC via HMRC’s API standard
Stay compliant on time, through easy adoption of legal changes
Monitor legal reporting status with a dashboard
Digitised storing of transactions and records in different places and digitised transfer between the source systems, enabling the digital link as outlined by HMRC
Our Making Tax Digital software can keep your business MTD-ready!