The government are Making Tax Digital – are you ready?

The government are Making Tax Digital – are you ready?

In 2015 HMRC announced that they would be going digital. With a cost of over £3.5 billion revenue lost in VAT returns alone in 2014 to 2015 due to avoidable tax mistakes, HMRC have decided that a Digital Transformation holds the key to an effective, efficient and easy tax system. Promising an end of manual tax returns for millions, a modern tax system based on digital submission will make things simpler for businesses.

But what if your ERP system isn’t up to the task? The new system will be mandatory from April 2019, meaning the 2.55 million VAT registered businesses with a turnover exceeding the £85,000 VAT threshold need to make a change to compliant software.

How does this affect your business?

Just like modern online banking, users will be able to see a single picture of their liabilities and entitlements in one comprehensive financial picture. By Making Tax Digital, organisations will no longer have to wait a year or more to know how much tax they need to pay. HMRC will collect and process information faster to reduce errors and stop repayments owed from building up.  Making HMRC one of the most digitally advanced tax administrations in the world.

Are you ready?

You may be ready for digital tax, but are your systems? If your ERP system isn’t up to scratch to pull intelligent, comprehensive tax reports, you may have trouble getting on board with digital tax. If you want to explore whether your ERP system is ready for Making Tax Digital, chat with one of our ERP experts today.

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Find out how our products can be applied to help your business realise results.

QUANTIQ is headquartered in the City of London, formed of a collection of brilliant, knowledgeable and experienced individuals. Our Team work with Microsoft’s specially crafted Business Applications to transform our clients’ business processes. With a headcount of over 250 giving us a combined 1200 years of Dynamics experience, your organisation’s Digital Transformation couldn’t be in safer hands.
As well as being a Microsoft Gold Partner and esteemed Inner Circle member, we are the only Microsoft Partner in the UK that can sell, implement and support the full Dynamics stack in the Cloud, Hybrid-Cloud and On-Premise. We exist to help you enhance your business performance, maintain your competitive edge and drive your growth and profitability.
We work to your organisation’s specific needs, using Microsoft Dynamics Technologies to break down silos in your business and join people, data and processes – now and for the future. We take great pride in the relationships we foster, so choosing us as your Digital Transformation partner allows you to become more productive, more efficient and deliver value to your customers, with a Team you can trust.

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