Important VAT Changes: How to update your Opera II software
Following the Chancellor's recent announcement, there have been changes made to
the standard VAT rate. There is no software upgrade required
for these changes; you need to amend the VAT % value within
the Pegasus Opera II solution.
Please note that there are complications due to the 14
day ruling, which relate to any goods/services delivered
or provided prior to 18th November which will not be invoiced
until after 1st December. If you are unsure regarding
the 14 day ruling and which VAT rate to use please consult
the relevant guidance on the HMRC website, www.hmrc.gov.uk
Changes will also be necessary to correct any outstanding
quotes, proformas, documents, orders and deliveries to
ensure the VAT is correctly calculated. You
will need to edit each line of any document to ensure
that the correct VAT amount is recalculated prior to invoicing
As previously stated, please adjust your standard VAT rate to be 15% from 1st December. We would also suggest a new VAT rate is added for 17.5% in case you do need to use this after 1st December.
Please follow
the below instructions:
Click the Administration menu group.
The VAT code and rates are held in the Maintenance folder. Click the Maintenance menu option.
Click the VAT Processing menu option.
VAT processing is where you maintain your VAT codes. Depending on your activation of Opera II, some fields seen above may not be visible on your particular installation.
Enter Rate 2 as 15.00% and enter 01/12/08 in the ‘Date 2’ field. If you wish, this new rate can be entered now or on the 1st December dependant on your processing requirements.
NB this will need to be carried out for all UK 17.5% VAT Rates. E.G. Sales, Purchase and EC Sales to Non VAT registered Members.
Click the Save toolbar icon.
The new VAT rate has now been entered so you can exit the VAT processing form.
Click the Close button
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DOWNLOAD VAT CHANGES FOR OPERA II (PDF)
