[Older Accounting Platform] Managing VAT
Hi! If you’re reading this post, you may already use Wave, or you could be evaluating Wave for your small business and you need to be sure it will meet your requirements for reporting under MTD. If you are unsure which version of this information is applicable to you, please click here.
You are likely already aware that HMRC is introducing new VAT reporting requirements under its Making Tax Digital (MTD) programme.
As a Wave customer in the UK:
If your business is VAT registered, with a taxable annual turnover above £85,000, you must submit your VAT100 reports digitally, beginning with the return for your first VAT period that commences on or after April 1st.
How are we helping you meet these requirements?
Wave is rolling out a VAT100 report to UK customers on our updated accounting platform. This new functionality will enable customers on the new platform to run VAT100 reports and export these reports to a spreadsheet. That data can then be uploaded to an approved bridging software in order to file the return.
If you were linked directly to this post in an email you received, or if you have not received information about your account being migrated to the updated accounting version, you are currently using an earlier version of our accounting platform. Because we are still working towards feature parity for your account on our updated platform, we aren’t able to release the VAT100 report to your current version of accounting.
However, our development team is making great progress on building the features we need to successfully update your account.
We’re committed to migrating your account to the updated version of accounting by June 30th. This will give you access to the VAT100 report in time for you to file your first MTD return.
You can submit your VAT return for this quarter any time between June 30th and August 7th.
To help get your accounting ready for digital filing, we’ve put together a comprehensive overview of how to track VAT in Wave, so that when your account is migrated, you can be confident that you’ve entered all the data you need to file.
If you received an email regarding this change, you may already be familiar with the above information. If you have any questions or concerns, or there are any details you’d like to clarify, please don’t hesitate to share your feedback here. We look forward to chatting.