Sad day for UK (and EU) users

MerlinAccounts_UK

So Wave have announced they're pretty much back stepping from UK & EU customers - all bank links to be terminated from September for users with UK/EU based banks, and a clear decision too to abandon all hope of MTD for Income Tax compliance (potentially to come into effect in April 2021).

Where does it leave you, the UK user then? Well, the bank link isn't an absolute disaster, as you can still upload via csv files and of course you can still input manually - though for high volumes of bank transaction activity this could be problematic. What is more of a concern though is that after 5 April 2021 UK users of Wave may well find that they aren't compliant with HMRC's MTD for Income Tax regime (there's no guarantees yet that it will happen but it is inevitable it'll happen sooner or later).

What do you do then? If bank linkage is essential to you then clearly you have little time really to set up new software and transfer data from Wave as September will be here only too soon. There are obvious options with market leading software houses such as Sage, Quickbooks, Xero but none are what you would consider inexpensive and/or as straight forward - there are pluses and minuses to all systems. An alternative to consider that delivers good value and similar functionality to Wave is Pandle (£5+VAT per month!), and there are other cloud basedvproducts too that you could opt for without the price tags of the market leaders.

Perhaps the time to change will be after your next financial year end if bank linkage isn't essential, or now if it is.

Whilst ever there are UK users of Wave we will continue to support them if they decide to use us as their Accountants, and will of course gladly support any UK users that decide to switch too.