For business management solutions email us or call 020 3004 4600

Business Central Dynamics NAV Making Tax Digital

Making Tax Digital for Business Central and Dynamics NAV

With the Making Tax Digital deadline fast approaching, now is the time to get your Dynamics ERP solution ready for it.

In our latest webinar, our very own Dynamics Consultant Suraj Vekaria takes you through Microsoft's update for MTD compliance for Dynamics 365 Business Central or Dynamics NAV versions 2015 or above and demonstrates how the process works.

The webinar covered the following elements:

  • Showing the setup process
  • Running through the submission of VAT through Microsoft's Making Tax Digital update

You can view this on demand webinar by clicking on the button below.

View Webinar

Webinar Q+A

Also, over the course of the webinar a number of questions were asked by our attendees, please find a selection of the questions with answers below:

Question Answer
Is there any functionality for Group VAT returns?  No - Currently, the functionality works for individual companies only. However, Microsoft may choose to develop this further to include Group VAT returns.
If you had a company from another system, how would you add it? The functionality in Business Central and NAV only obtains data from the transactions posted to the VAT entry table. You cannot import data from another system.
Do we need to set this up for each company that has to file a VAT return? Yes - For each company you will need to follow the steps outlined in the webinar for linking the application to HMRC.
So the system auto fills the information - but we can overwrite any numbers in the form? No - The Amount field is not editable. For this functionality to work you must be doing your statements in NAV.

 

Additional Information around Making Tax Digital

For HMRC's explanation of the MTD for VAT requirements and guidance on how businesses must apply please read VAT Notice 700/22: Making Tax Digital for VAT. This notice gives guidance on the digital record keeping and return requirements for Making Tax Digital for VAT.

Intelligence Hub
  • The Frontline
  • Tips & Tricks
  • Check the Tech
  • Case Studies
  • On Demand Webinars
    • Related Articles

    Business Central and Dynamics NAV for MTD

    Microsoft has recently previewed some of the potential functional updates for Dynamics 365 Business Central and Dynamics NAV which will comply with the Making Tax Digital initiative. The Making Tax...
    Find out More

    What out of the box budgets functionality is available in Microsoft Dynamics NAV and 365 Business Central?

    As we make our way towards the end of 2020, it is that time of year where companies review their budgets for the following year. Did you know that both Dynamics NAV and 365 Business...
    Find out More

    To upgrade NAV or not to upgrade NAV: Should I move to Business Central?

    With many businesses having time to reflect on their current ERP systems as a result of the ongoing Coronavirus pandemic, the question more often than not that keeps reoccurring is whether...
    Find out More

    What are the core benefits of Dynamics NAV & Dynamics 365 Business Central training?

    Here at Advantage, we offer a whole host of training courses for Dynamics NAV & Dynamics 365 Business Central users.  Tailored to suit the needs of any prospective...
    Find out More

    How to integrate your ERP with just about anything!

    Microsoft Dynamics NAV and Dynamics 365 Business Central are fantastic ERP solutions, but they were never designed to fulfill every need of every business. In high-functioning organisations,...
    Find out More