How To Add New VAT Rates In Pegasus Opera 3

From 1 October 2021, a new reduced rate of VAT for hospitality & attractions was introduced.

The new rate of 12.5% was introduced on 1 October 2021 and will remain in place until 31 March 2022 to support in the transition back to the standard rate of VAT (20%).

In order to support this change in your account system, you may need to add a new VAT Rate. Please see below steps on how to do this, in Pegasus Opera 3:

The VAT Code setup is located within the Administration page:

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If you use MTD, to access the VAT codes you will need to go to System – MTD VAT Centre – Action
If you are not using the MTD centre then you will need to open Vat Processing – VAT Codes
This will open the VAT Code screen :-

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To add a new VAT Code, select Ctrl + N or the new record icon :

This will then present you with a VAT Code New Record window:-

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This will then allow you to select relevant Country Type, Trans Type and enter a VAT Code and Rates and nominal code.

When setting up the VAT Code you will need to check that the correct VAT Return Boxes are selected as well as the box/es to which the value of goods associated with the VAT code is accumulated on the VAT Return. In most cases the boxes are selected for you and disabled. However, where boxes are enabled you can only select them if they are valid for the VAT Code, for example; if you are creating a VAT code for customers in the EU who bought goods from you, you can only select boxes 6 and 8.

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The Other options will allow you select Domestic Reverse charge , Bad Debt Relief and Postponed VAT Accounting where required.