The countdown to Making Tax Digital (MTD) is on. There’s now less than six months until the government’s new flagship tax scheme begins. From Monday 1 April 2019, any organisation with a turnover over £85,000 per annum will be required to manage their tax returns digitally.
Make no mistake about it, MTD is set to change the way organisations manage their taxes forever. Gone are the days of finance directors crunching spreadsheets late into the night alongside the company accountant. The government’s online facility, which helped to dramatically reduce the paper trial for many SMEs, will also be made redundant.
From 1 April 2019, organisations will have to use government-approved software to submit details to HMRC, so your business would be foolish (excuse the pun) not to act now. The government has warned that any organisation not MTD compliant risks incurring financial penalties.
SAP & MTD
If you’re an existing SAP Business One user, then all you need to do is upgrade your solution to ensure your business stays compliant. At Seidor UK’s customer day at Hampton Court Palace in September, SAP’s Dipan Shah outlined the new tools that are currently in development to help customers with the MTD transition. These are set to be released in an upcoming patch release of SAP Business One Version 9.3 before the end of the year.
If you don’t already use SAP Business One, there’s still time to implement the solution if you act now. With the deadline rapidly approaching, anyone using disparate solutions, legacy systems or even spreadsheets to run their business will quickly become non-compliant with the Tax Man.
It’s important to remember that MTD isn’t just about submitting returns electronically. Under the new scheme, organisations will also have to store and link all business-related transactions digitally. It’s never been more important to use an end-to-end solution like SAP Business One to simplify your tax returns processes.
Get in touch
If you’re looking to upgrade your SAP Business One solution to ensure you stay compliant with Version 9.3, contact us today to arrange a quote. Alternatively, if you’re looking to deploy a complete solution within your organisation, get in touch to arrange a demo with one of our product experts.