Making Tax Digital and SAP Business One
With effect from 1 April 2019, businesses operating in the United Kingdom with a taxable turnover exceeding the VAT threshold of £85,000 will need to comply with the new HMRC digital tax initiative. These companies will have to fulfil the following key requirements:
- Digital record keeping – ensuring all transactions are stored in an electronic form.
- Digital links – supporting digital links between final numbers and source data.
- Digital submissions – all submissions are to be made using HMRC’s approved software.
Preparations for MTD
SAP is one of the suppliers supporting Making Tax Digital for VAT. That means they have tested product in the HMRC test environment and have demonstrated a prototype of their software to HMRC.
SAP are continuing preparations for MTD and plan to issue a patch to SAP Business One that will contain a solution with application changes relevant for MTD compliance and readiness. That patch will be for version 9.3 only and we expect release in early 2019.
LAKE will inform all our customers of the relevant patch release once it is available. We will also be running a version 9.3 upgrade programme in early 2019.
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