[Latest Accounting Platform] Managing VAT
Hi! If you’re reading this post, you may already use Wave, or you might 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.
If your business operates on standard quarterly VAT reporting, the deadline to submit VAT under MTD is August 7th. That’s 1 month and 7 days after the end of the April-June quarter, which runs from April 1st to June 30th, and is the first quarter covered by MTD.
You can submit your VAT return for this quarter any time between June 30th and August 7th.
Over the course of the next few days, we’ll be rolling out a new VAT100 report. When it is available in your account, you will find it under Reports in the left-hand navigation menu. This new functionality helps you comply with the digital filing element of MTD.
The VAT100 report will allow you to export your data to a spreadsheet, which you can then upload to approved bridging software in order to file your return.
We hope you’re already feeling confident, but just to be sure, we’ve prepared additional documentation to guide you through this process. We’ve put together an overview of how to set up Wave to accurately track VAT and make use of the VAT100 report. You’re also welcome and encouraged to ask any questions you have in this discussion.