VAT rate increase
On 1 January 2010, the rate of UK standard VAT will change from 15% back to 17.5%. Will you be ready?
Opera II customers
Customers that are currently using Opera II (6.70) or later will already have the ability to invoice at a rate of 17.5% when the Sales Order was originally created in 2009 at a rate of 15%. This is done by using the Rate 2% functionality on the relevant VAT Code.
Users that are still using versions prior to Opera II (6.70) will need to consider the following:
- Upgrading to Opera II (6.70) or later
- Billing all outstanding SOP documents (Quotes, Orders, Deliveries etc) before the end of 2009
- Creating new VAT Codes for UK and EU Standard Rate VAT for both the Sales and Purchase Ledgers and then running the VAT Data Utility
Opera for Windows customers
All Opera for Windows customers will need to consider the following:
- Upgrading Opera for Windows to Opera II (6.70) or later
- Billing all outstanding SOP documents (Quotes, Orders, Deliveries etc) before the end of 2009
- Creating new VAT Codes for UK and EU Standard Rate VAT for both the Sales and Purchase Ledgers and then running the VAT Data Utility
Please contact your Pegasus Partner if you need to upgrade or run the VAT Data Utility.
