It is a known fact that the implementation of Making Tax Digital will affect all businesses in 2019 and for the foreseeable future with VAT returns to HMRC. The introduction of Making Tax Digital this year has implicated all Opera 3 and Opera 3 SQL SE users with the digital revolution of the tax system.
However, Pegasus Opera have made upgrades to their software to ensure an easy way to maintain digital records.
Through the accounting software on Opera 3 and Opera SQL SE, you can record your sales and purchase invoices into the software, including details of the relevant VAT codes and the rest of the digital requirement is maintained specifically by the software. In addition, the Pegasus Software already stores additional business details required for digital records, so there is no added requirement on Pegasus customers.
Making Tax Digital and Pegasus Software
All VAT returns can be submitted via a Making Tax Digital compatible software, in which HMRC do not provide this but they have provided an API.
An API is an application programming interface which is a set of functions and procedures, allowing for the creation of applications that access the features or data of an operating system or application. In layman’s terms, the API software provided by HMRC links two or more software programs together, allowing them to exchange data.
Pegasus Software has integrated with the API provided in order to create a Making Tax Digital compatible software, which integrate with the HMRC systems to submit VAT returns. The Making Tax Digital VAT API on Pegasus Software has replaced the role of the online filing manager which was previously in place for Opera users.
The Benefits of Making Tax Digital for Pegasus Opera users
Through the Making Tax Digital VAT API across all Pegasus Software, Opera users can:
- Authorise Opera 3 to access their business’ VAT data held by HMRC
- Allow submissions of VAT returns to HMRC via new protocols.
Each businesses VAT return will be generated by pulling information from the digital records maintained in Opera 3, in which you can consolidate VAT information together from multiple Opera 3 companies and send that as one submission to HMRC. This will not only submit the VAT return, but it will also retrieve information from HMRC such as details of the next VAT period where a submission is due to be sent.
By transforming the tax administration, it will help to:
- Create an effective, efficient and easier procedure for taxpayers to get their tax right
- Improve accuracy with digital record-keeping
- Avoid transposition errors between digital records and HMRC.
For any unanswered questions, you can find more out about Making Tax Digital on the Pegasus website: https://www.pegasus.co.uk/software/making-tax-digital
All opera user can install the new Making Tax Digital VAT API to their software today for an easy transition into digital VAT returns.
If you want to learn how to install the Making Tax Digital API into your Opera software or you want to get started with Opera, then contact Synergy Technology today to make your software Making Tax Digital compliant. Give us a call on 0345 456 0050 or send us an email via the link below: https://synergytechnology.co.uk/contact/