Opera 3 SQL SE Release 2.60.00

Version

2.60.00

Released

Feb 19

Summary

This release includes changes to support Making Tax Digital for VAT.

Making Tax Digital (MTD) is a government initiative designed to transform the tax system and to end the use of the tax return for a great many taxpayers. It is intended to make it easier for businesses and individuals to maintain records and to get their tax correct. Under Making Tax Digital for VAT, businesses will be required to keep records digitally and send VAT return data to HMRC online.

Making Tax Digital for VAT comes into force on 1 April 2019 and will apply for most businesses with annual sales over the VAT threshold of £85,000. If Making Tax Digital for VAT applies to you, you’ll have to use digital tools to keep records of your income and costs.

Until 1 April 2019 you can use the free Government Gateway for entering your VAT return, but for your first full VAT period after 1 April 2019 you will need to use Making Tax Digital for VAT software to submit your VAT returns.

You must sign up for Making Tax Digital for VAT with HMRC before switching it on in Pegasus Opera 3. The earliest that you can switch on Making Tax Digital for VAT is 1 April 2019.

The following features are available for Making Tax Digital for VAT:

Options on the Company Profiles screen to switch on Making Tax Digital for VAT at the appropriate time.
The MTD VAT Centre, which is used for the following:

Authorising your Pegasus Opera 3 software with HMRC for Making Tax Digital for VAT.
Creating VAT codes, including a new 'J' type code for posting end of period VAT adjustments.
Posting VAT adjustments to amend box values either before or after committing your VAT data to the VAT period, retaining a record for audit purposes.
Automatically consolidating VAT transactions into the group company in Pegasus Opera 3 when the VAT periods are committed in the subsidiary companies. Subsidiary companies must have the same .
Monitoring the current VAT Return values and viewing box values for previous submissions.
Submitting VAT Returns to HMRC using the HMRC Making Tax Digital for VAT 'API'.
Viewing the responses from HMRC after VAT Returns are submitted.
Printing file copies of previously submitted VAT Returns.
Importing VAT values.

For details about the changes for Making Tax Digital for VAT, please see the Making Tax Digital for VAT - Product changes guide.

To understand the steps to switch on Making Tax Digital for VAT in Opera 3 at the appropriate time, please follow the instructions in the Making Tax Digital for VAT - Checklist guide.