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How Pegasus Accounting Software Can Help You With VAT After Brexit
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How Pegasus Accounting Software Can Help You With VAT After Brexit

Pegasus Opera 3 software covers all areas of your business, which is advantageous in a number of ways. It allows you to manage supply chain, finance, CRM, and payroll systems in one place. Also, information can be shared across departments instantly, for quicker decision making, and your staff can work remotely with fewer problems. Request A Free Callback Today!

As an accredited reseller and support partner of Pegasus software, the TMB Group offer licensing, personalisation services and technical support. You can purchase the software you require right now, then upgrade it once your business expands. The software can be customised to address your needs, and upgrading to Opera 3 from your current system is a straightforward process.

For UK businesses with customers in the European Union, Opera 3 offers a convenient solution for managing VAT.

Postponed VAT Accounting 

PVA (Postponed VAT Accounting) will come into effect on January 1, 2021, once the Brexit transition period finishes. This measure applies to all imported goods from countries in the EU and elsewhere. After this date, UK traders that have to pay VAT on imported goods can record this data on their UK VAT return, then reclaim and pay this tax on the same return. Occasionally, as part of this process, traders will need to forecast the import VAT figures - then adjust the figures on their tax return accordingly. 

New Updates To Help Businesses Transition After Brexit

Pegasus Opera 3 has had its features updated to facilitate the smooth adjustment of import VAT figures on VAT returns in 2021. Better still, users can generate new codes for VAT linked to PVA exports and imports. The VAT reporting options in Opera 3 use advanced UI selection criteria. This enables businesses to produce detailed reports on VAT adjustments related to PVA alone. Consequently, UK traders will find it easy to reconcile real and estimated import VAT figures, over a specified VAT period. 

EORI identification numbers

From 1st January 2021, businesses have to obtain an EORI (Economic Operators Registration Identification) number from HMRC to transport goods between the EU and the UK. The Company Profiles form on Pegasus Opera 3 now includes a field for EORI, allowing your business to record its own number. Therefore, you can include this information on different documents/reports created by the software, as and when you need to.

The EC VAT module on Pegasus Opera 3 is designed for businesses that buy goods from EU suppliers regularly. Once PVA is introduced, these businesses will carry on using their current UK VAT codes for such purchases. To help businesses see the amount of acquisition tax logged against transactions, the software records and calculates acquisition tax on VAT returns. The VAT Reconciliation report in the EC VAT module also includes the acquisition tax for individual transactions.

Power And Versatility For Modern Businesses

The versatile nature of Pegasus Accounting Software Opera 3 is one of its biggest selling points. With its choice of optional modules, you can customise the software to fulfill the unique requirements of your industry. Contact TMB today to find out more.

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