How Is Wave Supporting Making Tax Digital?

Recently, I wrote that Wave is a great idea for micro businesses who didn't need the features of the likes of Sage and Xero ...

However, a few people have asked me about Making Tax Digital and how Wave is supporting it. Because of the uncertainty about Brexit and how MTD will be rolling out, Wave has decided that they're not going to support it for now.

"However, they are ensuring compatibility with bridging software!"

Making Tax Digital legislations allows you to run accounting software that isn't MTD compatible, but in cases like this, bridging software must be used to upload the return instead. This is not only essential for microbusinesses, but also for larger companies with custom build accounting packages

There is quite a range of bridging software that works with Wave and you can find an extensive list on the Institute of Chartered Accountants of England website. However, Wave recommends two simple solutions which plug in to Excel and are free for the first year.

These are:

How will I get my data from Wave? Wave is developing additional downloadable sales tax reports specifically for UK customers that will enable you to comply with the requirements of MTD through bridging software.

These reports, together with detailed instructions for preparing and submitting your VAT returns via recommended bridging software, will be available in your Wave account beginning April 1 to ensure your business is able to meet all the requirements of MTD VAT.

If anything I've written here resonates with you, c01604 420057 and let's see how we can help you.