Making Tax Digital (MTD): Digital record-keeping and filing in the UK
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Making Tax Digital (MTD): Digital record-keeping and filing in the UK
In the UK, the government is introducing additional tax reporting constraints under its Making Tax Digital (MTD) programme. Here’s what MTD means for Wave users in the UK, and how Wave will help yo...
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How do you export transactions from Waveapps to import into Excel for the VitalTax process?
Hi @djave,
Reports in Wave generally have the ability to export to CSV, which is a suitable format for importing to Excel.
Perhaps a small difference here is that whereas most of our existing reports are designed primarily to view on screen, and incidentally have the ability to be exported, the new reports that we are developing to assist UK customers with MTD VAT will be created with the primary purpose of being exported, so will be optimized for that use.
Hope that answers your question! Paul
A worked example showing how to export and import would be helpful please
Hi @PaulC
I don't have Excel but I do have Apple's Numbers on my Mac which is very similar. Will this work?
Thanks
@WROPPLLP we'll certainly provide examples.
@patpending74 the two free (in year 1) bridging software we identify in the article are exclusively for Excel. I am not aware of any bridging software for Numbers, and I would be surprised if many developers choose to invest time building a bridging software for Numbers given that Excel is vastly the more popular software. Looking at the Vitaltax website, I notice that as well as the normal installed version of Excel, it says it also supports the Office Online version, so if you are unable to run Excel on your Mac, that could be an alternative.
Thanks @PaulC
I will look into Office Online
I have installed VitalTax onto my MacBook and it seems to work very well - clever VB scripts.
However I can't see how you can install the app in the online version of Excel, ther is no ability to install 3rd party apps.
Steve B
It would be interesting to understand if keeping your records in an Excel worksheet will be considered as a digital link beyond the April 2020 deadline. So if your 9 boxes are fed from linked data in spreadsheets (which effectively is a statement) coming from Wave and all Invoices and bills are mapped (naturally this will be), then this should still remain a digital link. We at DataDear have built a free bridging tool for Excel and we believe that with the right mapping to properly maintained spreadsheets, this can still be considered as a digital link.
If anyone using Wave would like to try this, he is very welcome - the solution is free and there are no plans to introduce fees at any stage.
Hi there. My company uses the Cash and Equivalents method of submitting a VAT return. At the moment, we can do this by generating a sales report, and making the dropdown read Cash and Equivalents option. In the VAT100 report area there is only the option to do Accrual. What's the deal for business like mine?
Like djave, I'd also like to know about options for the Cash Accounting method of submitting VAT.
I love using Wave - its ideal for my simple business - but this MTD thing has thrown me a bit.
While we can use bridging software for the time being, is there a plan for adding the MTD required add-on directly into Wave to avoid having to use bridging software forever? If so, when will this be dealt with? Thanks
HI @djave and @NDLP thank you for your patience. Our team is currently working on this and we'll update you with more information as soon as we have it. If I can help with anything else in the meantime, let me know.
I've been using Wave for about 3 years now and it has been great, but I feel this is very short sighted of Wave. I now have to leave as I do not have Excel (mac user) and would have to pay out for Microsoft 365 . So if I have to pay, I may as well pay the likes of Xero, Fresh books or Quick books who all offer this service.
Hey @AshBryant. I just thought I would mention that one of the bridging softwares that we are compatible with (Tax Optimiser) supports CSV uploads. Here is their website - https://www.taxoptimiser.co.uk/
And also a demo on how this works;
@djave @NDLP I'm glad to let you know that the Cash & Cash Equivalents report type for your VAT100 reports is now available! You can select this type while on the VAT100 by clicking the Report Type dropdown menu next to the date pickers.
@MerlinAccounts_UK @Paul_CloudBook @Mags123_45 tagging you all here as well to keep you looped in on our release!
IF you were to leave Wave, not that I am saying you must, have you considered one of the cheaper pay for cloud based options available rather than assuming you have to opt for the mainstream more expensive products? Have you considered desktop options too that are equally less expensive?
Is wave MTD compliant?
No, not in the sense that it can be used to directly file your returns with HMRC - you need to use bridging software such as VitalTax. What Wave does do is generate reports that can be used to connect with your bridging software.
Just to be clear.
You suggest that Excel can be used as bridging software, but it is not listed on the HMRC website. I am not clear if Excel can act directly as the bridging software
I quote from above
"you may export data into a bridging software—typically a spreadsheet—that has the ability to perform the direct upload."
There are products such as VitalTax that can take the data from Excel to HMRC, it seems as though if Excel could act as bridging software you would not need VitalTax
So is the process export from wave to excel by report
Then use something such as VitalTax to upload from Excel
or will it be possible to export to Excel and then directly upload to HMRC via Excel without using any other software
You can only use HMRC approved bridging software such as VitalTax, you do need to have excel as this is what VitalTax reads the data from to submit the returns.
Just joining Wave and it looks great...but MTD is the missing piece of the puzzle for UK users surely?
I can see there are ways around this but it's not ideal. Previous posts indicate MTD was in the pipeline, are we any closer?
Thanks
Hey there @Epicideally1
Thanks for the compliment in our public forum
As a Canadian company we have tried to main a universal global standard for users who reach out from all over the world. You are correct in mentioning that this is an MTD workaround at the moment. Would you mind sharing a bit of information about how this tool would benefit your business and how you could picture it implemented within Wave?