How Is Wave Supporting Making Tax Digital?
Through bridging software ...
POSTED BY ALISON MEAD ON 03/06/2019 @ 8:00AM
In a recent blog post, I wrote that the Wave accounting app is a great idea for micro businesses who didn't need the features of the likes of Sage and Xero ...
If you're using the Wave accounting app then you'll need bridging software to file your MTD returns!
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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.
VitalTax - Currently free, but expected to start changing soon
TaxOptimiser - Free for 1st year then £30pa after that
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.
"Would you like to know more?"
If you'd like to find out more about Wave, Making Tax Digital and bridging software then do give me a call on 01604 420057 or click here to ping me an email and let's see how I can help you.
Until next time ...
If anything I've written here resonates with you, why not visit www.siliconbullet.com to discover how we can help you with accounts and IT support?
More about Alison Mead ...
Alison loves bookkeeping. She has been helping clients to be better bookkeepers in Sage 50 for over 22 years and has more recently added Xero Accreditation to her list of skills.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with running two network marketing businesses and is also a Regional Leader for 4Networking as she likes to keep busy.
You know what they say, if you want something done well ask a busy person!
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