Just like many countries around the world, the UK has opted for value-added tax (VAT) to help get its economy moving once again following the disruption of coronavirus. This has resulted in lowered VAT rates which must be considered in your bookkeeping.
You can configure your VAT in Dynamics 365 Business Central for any country on the VAT Scheme. This includes support for both single-rate and differentiated VAT.
Tools from Microsoft
Dynamics 365 Business Central offers powerful tools to help you manage variable VAT rates. For instance, its VAT rate exchange tool helps you to change VAT rates on master data and documents.
This tool, along with others from the experts Microsoft, allows you to concentrate on running your business safe in the knowledge that your VAT is in hand. Knowing your business will not be unduly impacted by VAT rate changes is one less thing to worry about.
For more information on this topic, read this official blog post from Microsoft.
Get in Touch
We are experienced in helping customers find solutions to a wide range of problems, and we would love the opportunity to work with you on keeping your VAT bookkeeping as accurate as possible in these turbulent times.
If you have any questions, please get in touch with the Synergy Technology team now. Call us on 0345 456 0050 to learn more.