VISIT THE SIGNUM RESOURCE HUB
Our resources include Videos, White Papers, Brochures and more much . All designed to give you a greater understanding of the benefits of SAP Business One.
SAP Business One: What's New in 9.3
This document briefly describes major functional enhanc...
By kullboys, 10 months ago
Innovative ERP for the Food and Beverage Industry; what manufacturers are looking for.
Benefits of ProcessForce for SAP Business One: Food and chemical manufacturing
A Proven Solution – SAP Business One for Food & Beverage
Delivering Results – SAP Business One for Foodservice
In the spring of 2017, the UK government passed legislation that provides that the UK will become one of the most advanced digital economies in the world. Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.
There are several key dates that all businesses need to be aware of:
April 2019: All VAT-registered companies over the VAT threshold will have to use and maintain digital accounting records and are required to submit their VAT returns using MTD-compatible digital software.
April 2020: All VAT-registered businesses under the VAT threshold will be required to comply with MTD requirements.
From April 2020 (earliest): Income tax and Corporation tax returns for all businesses will be provided to HMRC through digital means.
MTD FUNCTIONALITY IN SAP BUSINESS ONE
SAP Business One version 9.3, Patch Level 08 will be MTD-compatible. It is anticipated that Patch Level 08 will be available from December 2018, although SAP have not given any specific dates yet. To receive this Patch, you must be using version 9.3 of SAP Business One. For those running an older version of SAP Business One (i.e. 9.1, 9.2) an upgrade to version 9.3 will be required.
The Patch Level will allow the following:
• SAP Business One will automatically link to HMRC using your current gateway password
• The user can view requests from HMRC, as well as scheduled reminders for their VAT declarations
• The user will be able to make manual requests
• They can submit declarations and check if there are issues with previous submissions
• They can view information concerning the VAT process
• They can check if previous payments have been processed by HMRC
MTD ROADMAP FOR SAP BUSINESS ONE
In June this year, SAP began testing its final MTD compliant version of SAP Business One software with HMRC. They have also launched a review programme which will obtain the feedback from a selection of Business One Beta test sites. The beta test programme will help SAP obtain feedback about the system so that it can make any final refinements ahead of the full launch of Patch Level 08 in December 2018.
BECOMING MTD COMPLIANT
During the early months of 2019, Signum will be running a series of workshops designed to ensure that you understand the requirements of MTD and can use SAP to produce and provide HMRC with the information they require. We will be releasing further closer to the time.
In the meantime, if you would like to register your interest, or you have specific questions regarding MTD, please contact us on 01244 676900.
Please enter your details to access Signum resources.