Add functionality to Pegasus Opera II & 3 for tax on payments received only

KC Cash Accounting

The KC Cash Accounting software module adds additional functionality to Pegasus ensuring tax is only paid on a VAT return for invoices for which payment has been received – not on those which have been just invoiced.

Tax On Payments Received Software

Kamarin Computer’s cash accounting software helps to improve your cashflow by ensuring that these figures are correctly calculated and that VAT is only paid on money, which has actually been received. This could allow you to benefit from a cash injection which could help to reduce bank charges and lost interest.

Changes in the law which came into effect on 1st April 2007 increased the limit at which companies can submit their VAT return based on payments (and not invoices) from a turnover of £660,000 to £1.35 million (and you can remain on the scheme until you reach a turnover of £1.6 million). For many new companies the scheme not only offers a cash flow benefit but also provides automatic relief from VAT on bad debts without the need to apply for bad debt relief.

  • Avoid paying unnecessary tax if your turnover is under £1.35 million
  • Line off current transactions using KC Cash Accounting’s own period end routine
  • Sales and Purchase VAT values report relevant to allocation transactions
  • Enter a VAT rate to be used for calculations on the un-allocated cash report
  • Reduce your VAT return
  • Avoid bank changes and lost interest
Cash Accounting Software Screenshots

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