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Business Software

Important information regarding Making Tax Digital and Opera 3

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As discussed previously, Making Tax Digital (MTD) is a mandatory government scheme. It comes into force in April 2019 and will affect most UK businesses. For more details on how the proposed changes will affect your business, read our MTD overview.

Making Tax Digital and Opera 3

HMRC has officially listed Pegasus as a software supplier with VAT compatible products in development. Pegasus will be implementing the necessary changes for MTD in an updated version of Opera 3. This will be called Opera 3 v2.60.00 and is scheduled for release at the end of January 2019. It will apply to all versions of Opera 3 and will include the statutory Payroll changes for 2019/20.

For more information on these changes, read our guide on the Functional Changes to Opera 3 for MTD Compliance.

Making Tax Digital and Opera 2

Opera 2 is approaching end of life and Pegasus have subsequently confirmed it will not be MTD compliant. Anyone still using Opera 2 who is required to adhere to MTD, will need to take action.

You may choose to either upgrade to Opera 3 or consider another compliant Cloud-based accounting solution. We strongly recommend getting in touch to discuss your options.

Timings

Businesses will need to comply with MTD for their first FULL VAT period starting on or after 1 April 2019. A ‘VAT period’ is the inclusive dates covered by a VAT Return. Below are a couple of examples to illustrate this:

  • Example 1: A business submits a quarterly return, and their next return covers the period 1 March to 31 May 2019. As the whole of the VAT period is not on or after 1 April 2019, the business will need to start complying with MTD from 1 June 2019. The VAT return for the period 1 March 2019 to 31 May 2019 will be submitted using Online Filing Manager or HMRC online portal.
  • Example 2: A business submits a quarterly return, and their next return covers the period 1 April to 30 June 2019. As the whole of the VAT period is on or after 1 April 2019, the business will need to start complying with MTD from 1 April 2019.

We strongly recommend getting in touch as early as possible to discuss your requirements and schedule your upgrade. Making Tax Digital adds to an already busy period with Payroll software upgrades undertaken at this time of year.


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