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Pryme Tax Retention
CIS tax / RCT tax / IRPF tax calculation and withholding software for Microsoft Dynamics 365 Business Central
“ Synergy Technology has an expert understanding of Dynamics, and being able to relate it to our business has meant any development needs have been fluid and efficient. ”
Financial Director
London Pharma
Synergy Technology can provide integration between Pryme Tax Retention and and Microsoft Dynamics 365 Business Central
What is Pryme Tax Retention?
Pryme Tax Retention is a specialised extension developed for Microsoft Dynamics 365 Business Central, aimed at automating tax retention processes for businesses operating under specific tax deduction schemes. Designed for businesses obligated to withhold taxes from subcontractors under schemes like the UK’s Construction Industry Scheme (CIS), Ireland’s Relevant Contracts Tax (RCT), and Spain’s tax regulations, Pryme Tax Retention automates the calculation, retention, posting, and reporting of necessary tax amounts. This automation ensures precision and compliance, mitigating the complexities and potential errors associated with manual management of these deductions.
Who are Pryme Global?
Pryme Global is a software provider specialising in project and resource management solutions. They offer innovative solutions that integrate with Microsoft D365 Business Central, based on their extensive inside knowledge and expertise with project-centric business processes, pains, and needs.
Pryme Tax Retention Features
Automated Tax Calculations
The extension computes the required tax deductions in accordance with the specific mandates of CIS, RCT, or Spanish tax laws, reducing manual errors and ensuring accurate withholding from subcontractor payments.
Subcontractor Verification
It assists in verifying subcontractor registration and compliance with relevant tax authorities, maintaining accurate records and preventing potential penalties linked to unverified subcontractors.
Flexible Posting Configurations
The tool provides adaptable posting setups to accommodate diverse business scenarios, enabling seamless integration of tax retention processes with existing accounting practices.
Comprehensive Audit Trails
Pryme Tax Retention offers detailed audit trails with specialised ledger entries for tax retention activities, ensuring all transactions are transparent and well-documented.
Automated Reporting
The extension simplifies the creation of mandatory reports, such as monthly returns, by automating the reporting process, ensuring timely and accurate compliance with reporting obligations.
Printed Statements
Users can generate printed statements that detail the withheld tax amounts, providing clear documentation for both the company and its subcontractors, fostering transparency in financial transactions.
Benefits for Microsoft Dynamics 365 Business Central Users
Integrating Pryme Tax Retention with Microsoft Dynamics 365 Business Central offers several advantages:
Seamless Integration
As a native extension, it integrates smoothly with existing financial and project management modules, allowing users to manage tax retention within the same platform used for other business operations, thereby enhancing efficiency.
Enhanced Compliance
By automating intricate tax calculations and reporting, the extension aids businesses in adhering to national tax regulations, reducing the risk of non-compliance penalties.
Time and Cost Efficiency
Automation of manual tasks associated with tax retention leads to significant time savings, enabling employees to focus on strategic activities and reducing costs related to error correction or fines.
Improved Accuracy
Automated processes diminish the likelihood of human errors in tax calculations and reporting, ensuring financial records are precise and dependable.
Scalability
Pryme Tax Retention is designed to scale with business growth, accommodating an increasing number of projects and subcontractors without compromising performance.
User-Friendly Interface
The extension features an intuitive interface consistent with the familiar environment of Business Central, reducing the learning curve and facilitating swift adoption by users.
Want more information about Pryme Tax Retention?
Synergy Technology is a registered partner of Pryme Global, as well as a Microsoft Gold Partner with over 25 years of experience of implementing tailored business solutions for organisations of all sizes. For more information, or to speak with one of our experts, call us on 0345 456 0050 or send us a message via our contact page.
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