Making Tax Digital
Making Tax Digital – Is your business prepared for HMRC’s Making Tax Digital for VAT initiative? Find out how SAP Business One provides a modern, streamlined system to keep your tax records and provide information to HMRC.
Making Tax Digital made simple, with SAP Business One
If your business is VAT-registered and has a taxable turnover above the VAT threshold (£85,000), you’ll need to prepare for HMRC’s ‘Making Tax Digital for VAT’ initiative, which comes into force from 1st April 2019.
For those still wrestling with spreadsheets or an inbox full of scanned receipts, Making Tax Digital provides a great opportunity to embrace all the wider business benefits of digital technology.
However, if you’re already managing your business with SAP Business One, you’ll be glad to know that your transition to Making Tax Digital should be very straightforward. The latest version of SAP Business One (v9.3) is already MTD-compatible, with all the capabilities needed to enable bank transactions and other financial data to flow automatically into your digital tax account with a single click – no need to manually re-enter data into HMRC’s online portal. SAP Business One makes VAT submissions easy, efficient and accurate, and you can be confident you’ll remain compliant, even as tax legislation evolves.
If you’re running an earlier version of SAP Business One, now is the time to upgrade to prepare your business for digital tax, and we’re fully committed to supporting you through a seamless transition. Meanwhile, you can find out more about Making Tax Digital for VAT in this comprehensive guide from HMRC.
SAP Business One is an affordable, easy-to-use, MTD-ready business management solution. It connects departments and simplifies core processes, to bring visibility and control to all aspects of your growing business, and helps you make smart, data-driven decisions.
With SAP Business One, you can effortlessly file your VAT return online, on time, with no need for duplicate data entry, giving you greater confidence in the accuracy of your tax recording. SAP Business One is designed to grow with you and you can be confident we will help you stay compliant as legislation changes.