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Important Notice: Opera II will not be compliant with Making Tax Digital

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Making-Tax-Digital-HMRCMaking Tax Digital (MTD) is the new government programme that comes into force in April 2019. It will require ALL VAT registered businesses with a turnover above £85,000 to compile and submit their VAT returns online through their accounting software.

Opera II customers should be aware that Pegasus have confirmed they are not planning to release an MTD update for Opera II. This means that Opera II  will not be compliant with Making Tax Digital. We strongly recommend speaking to your Account Manager now to discuss upgrading your software. In essence, this presents you with two options:

Option 1: Upgrade to Opera 3: 

Upgrading to Opera 3 offers the advantages of minimal disruption to your business, data migration that is quick and easy, and little retraining for your staff. You can also choose to purchase the software on a subscription model if required. Pegasus has confirmed that Opera 3 will be MTD compliant.

Read the Benefits of Upgrading to Pegasus Opera 3 to find out more.

Option 2: Upgrade to another Cloud-based accounting solution:

Upgrading to a Cloud-based accounting solution, such as Dynamics 365, has its advantages. The benefits of a Cloud accounting software are that it is accessible anytime, anywhere, does not require a server and is platform independent. This will future proof your business and offer future cost savings. PCR can help advise and implement alternative software.

You may consider keeping your existing software as HMRC has committed to providing software for submitting your VAT online. We do not however recommend this as a practical solution as you will still need to submit all transactional details and undertake reconciliations manually. This will make filing your tax returns on a quarterly basis much more time consuming, less efficient and costlier.

It is also worth considering that Opera II payroll will not be updated in 2019. If you wish to continue using payroll next year, you will need to upgrade your software.

The MTD deadline is fast approaching and we strongly recommend contacting us to discuss your options now.


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