Overview


To meet the Her Majesty's Revenue and Customs (HMRC) strategy 'Making Tax Digital', this service will allow digital record-keeping for VAT-registered businesses. This service will allow WealthWorks+ to supply business financial data to HMRC, so your organisation can fulfil its obligations. Acting as an agent for your entities or for yourself, enter the VAT account information into WealthWorks+. The software updates HMRC via the API link maintained by HMRC. The API submits this information to an HMRC systems database, where the liabilities for your entities or yourself is stored, to establish whether the entity has met their obligations.


What is Making Tax Digital? Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.


See Enabling VAT submission from Troika via WW+ if you are keeping Digital records of invoices within Troika and you want to submit VAT returns via WealthWorks+.  These instructions are for submitting digital VAT records for invoices recorded in other systems, and you need to transfer the records using a digital link to submit to HMRC.  This is known as 'bridging'.


Bridging Application Option


The bridging feature of the WealthWorks+ VAT API allows users to send data from a spreadsheet where their VAT return data is being maintained. The customer is responsible for ensuring their VAT data is stored digitally and meets the requirements of VAT Notice 700. Digital links must be used between digital VAT records and the VAT Return being prepared in a spreadsheet. If the VAT digital records are not being maintained in Troika, then this link can be used as the Mandatory Digital Link between your spreadsheet records and our bridging system. The same API is used to submit data to HMRC with the values you provide instead of those calculated by Troika.


Installation of WealthWorks+ VAT Release


Ensure Troika 2.09.005 and WealthWorks+ 4.1 releases, or later are installed and follow the steps outlines below to enable the VAT submission and reporting feature. 


HMRC VAT API


Enabling the API to allow submission to HMRC

  1. Access the Options menu category from within WealthWorks+ and select System Administration.
  2. Select the API Configuration section.
  3. Select the API HMRC VAT API and click Activate.
  4. Click Continue and follow the instructions to complete the activation.
  5. Lastly, from the Other Settings in Sys Admin - Turn on the bridging mode options. 
  6. Submit returns as agent - Select if you are acting as an agent.
  7. Allow bridging functionality - Select and Save.


Authority to interact with HMRC on your behalf

WealthWorks+ needs permission to interact with HMRC on your behalf. To grant this authority, you'll need to:

  1. Sign in to your Government Gateway account.
  2. Enter the 6 digit access code we'll send to your mobile phone, landline or other device.
  3. You might need to confirm who you are by answering some security questions on, for example, your passport, P60 or other documents.
  4. Grant authority for this software to interact with HMRC on your behalf.
  5. This authority will last for 18 months. You can remove this authority at any time.
  6. If you're an agent, to use the Making Tax Digital APIs, sign in with the user ID and password for your agent services account.


Ensuring your data is ready to submit VAT Returns


To submit VAT returns, ensure each entity you wish to submit data for has the following fields completed in WealthWorks+:

  • Reporting Currency - must be set to GBP
  • VAT Number (VRN)
  • VAT Registration Date
  • VAT Country - must be set to United Kingdom
  • ISO Country Code GBR
  • VAT Frequency
  • Next VAT Return Date
To submit VAT returns and access VAT reports you system role assigned to your login must have the following permissions enabled: -

Entity Details > VAT Returns > Submit and View VAT Return - View must be checked.
Entity Details > VAT Returns > VAT Reporting - View must be checked


Using the VAT Bridging Spreadsheet


You will be provided with a copy of the VAT Bridging spreadsheet which provides a digital link to WealthWorks+ for VAT submission. The current version is VAT_Bridging_V1.3.xlsx. Create a copy of the sheet for each entity you wish to submit VAT for, and link boxes 1 to 9 using formulae to your own records for each box number. Please follow the exact formatting of the fields as shown within the spreadsheet.


Ensure you enter into the spreadsheet:

  • VAT Registration Number
  • Reporting Period From
  • Reporting Period To
  • Your WealthWorks+ URL
  • Boxes 1 to 9


Using the VAT spreadsheet (VAT_Bridging spreadsheet attached to this solution)


The spreadsheet provided will create a digital link from your VAT return to WealthWorks+, in readiness to file the return to HMRC via the API. Before posting a VAT return, find the entity in WealthWorks+ and select the VAT reporting menu option to check the obligation period you wish to post into is 'open', and the previous VAT information is being displayed correctly.

  1. Ensure the WealthWorks+ URL is fully populated in the spreadsheet.
  2. Close all web browser windows and log into WealthWorks+ using your password and initials.
  3. Complete the items highlighted which include the VRN for the entity you wish to submit VAT for, reporting dates for the obligation period and values for the return to be made. These can be linked as formulae from your own records in your spreadsheet where the VAT return calculations are being made. IMPORTANT - Ensure the format of the fields is retained when changing these values. The data formats are YYYY-MM-DD, and the values must be stored as text fields to retain decimal values to 2 dp.
  4. The data will update the URL found in cell A25. If the URL cannot be clicked as a hyperlink, copy the complete URL and paste this into your active browser window. Please take care to include the full URL with all the values.
  5. WealthWorks+ will automatically load the entity by finding the matching VRN number. The submit VAT Return page will be displayed.
  6. Check the details have transferred correctly from your records and the obligations period is set to Due.
  7. Read the declaration and check the box.
  8. Click Submit.


Submit VAT Return example:


If the VAT Return screen fails to load, check the following:

  • VRN on spreadsheet matches the number on WealthWorks+
  • Format of values and dates are correct
  • VAT Country is set to United Kingdom and Reporting currency is GBP in WealthWorks+

NB The VAT spreadsheet has the sheet protected. The password to unlock is 'VAT'.


The next VAT return due date in WealthWorks+ for the selected entity will automatically roll forward to the next due date based on the VAT return frequency.


VAT Reporting by Entity


Use the Actions button at the top of the page for the selected entity to access the VAT Reporting option.


The VAT Reports lists VAT Obligations, Liabilities and Payments.


VAT Report example:


VAT Dashboards in WealthWorks+


The Entity Management Dashboard has been enabled with the following dashboard items to assist with reporting:

  • Entity Number Stats
  • Entities by Sub-Type
  • VAT Return Status (displaying when the next VAT returns are due)


These notes are confirmed to be applicable from Troika release 2.09.005 and WealthWorks+ release 4.1.