Wealth Managers Making Tax Digital (MTD) for VAT
WealthWorks+ has received HMRC recognition as a VAT compatible software provider.
Tax recording for UK entities is changing as part of the Making Tax Digital initiative. Digital tax recording and submission is now essential to help wealth managers meet their MTD obligations.
Wealth managers, whose clients and entities need to submit Making Tax Digital UK VAT returns, can now use WealthWorks+ as a HMRC recognised provider. WealthWorks+ is our comprehensive global wealth management solution. Simply activate and authorise the API within the system, and you will be guided through preparing and submitting the VAT Returns easily online .
Acting as agents or as a business, the system provides you with full digital record keeping for VAT. You can access WealthWorks+ on any device and on any browser meaning that viewing returns, liabilities and payments made is straightforward using the easy-to-use web-based dashboards.
Fulfilling Tax obligations
WealthWorks+ offers a secure and fully integrated MTD VAT submission (not a bolt-on) that meets the needs for MTD VAT filing requirements from 1st April 2019.
Agents and businesses will be able to use WealthWorks+ for digital record keeping of VAT records to store invoices and expenses including:
- VAT amounts
- Tax categories
- Standard (invoice) and cash VAT schemes supported
The software is built on a robust full double entry accounting engine and utilises the purchase and sales ledger and aged debtor and creditor reporting to fulfil the VAT record keeping requirements.
WealthWorks+ will give you all the tools you need to help fulfil your MTD obligations with full control over your VAT submissions. You will be able to:
- Generate VAT returns quickly from your selected invoices (Monthly or Quarterly)
- Prepare and save returns for later submission
- Submit VAT returns from unfulfilled obligations digitally
- View VAT returns, liabilities and payments made
- Manage VAT administration details including:
- VAT registration details
- Date tracking and dashboard reminders
WealthWorks+ is ready for the launch of Making Tax Digital in April 2019. Are you?
The full list of recognised VAT software providers can be found on the HMRC website