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Paul Daly

Post Brexit Trading & VAT Returns

SOLVED
Posted By

Morning Everyone,

The Brexit queries are flying in now Slight smile

I know v27.1 is due to be released with some Brexit Update changes.

But from 01/01/2021 a lot of Companies will be (or already are) applying for foreign based VAT numbers (i.e UK companies are applying for an Irish VAT number to trade there or in EU)

Will there be any updates in Sage 50C to facilitate multiple Vat numbers?
Also around the are of VAT returns, how will companies process VAT Returns for multiple VAT numbers (almost like multi-jurisdiction)
as it would not be feasible to run a 2nd company just for the purposes a VAT return and it would not be possible to handle the VAT returns manually from Sage 50 due to MTD

So hands are tied, has there been any discussion/suggestion around this area as there will be a lot of UK companies in the same boat that trade outside UK.

Thanks

Paul

  • 0
    SUGGESTED

    Morning Paul,

    Thanks for using Sage City.

    We will be updating the country list in Sage 50 to support Northern Ireland as ‘XI’ and Great Britain as "XU". The VAT number validation has been updated to support these new country codes.

    We'll also be adding new tax codes for importing, exporting, and postponed accounting. The EORI number has been added to company preferences and a new invoice layout for commercial invoicing has been put in.

    We currently don't have plans to support multiple VAT numbers. The current workaround for companies that have multiple VAT numbers is to have a second company and use the MTD module (separate to Sage 50) to submit your VAT Return which calculates all the companies on a single return.

    Our compliance team is monitoring the situation and anything that is required to become compliant is being added to the software ready for the 1st of January 2021.

    If this has answered your question please click More > Verify Answer.

    Regards,

    Ian

  • 0 in reply to Ian C

    Thanks Ian,

    Apologies I should have been more specific around the VAT return area, when I said Ireland i meant Republic of Ireland
    Will be interesting to see how this develops.

    Do we know what the release date is for v27.1?
    I'm getting a lot of support calls/questions from both sides of the water as its creeping up on us.

    Also will there be a retrospective patch/service pack for sites still on v25 & v26 as they are still supported versions?

    Cheers,
    Paul

  • +1 in reply to Paul Daly
    verified answer

    Hi Paul,

    5 New tax codes have been added for the UK and 12 tax codes have been added to Ireland. A new box has been added to the Irish VAT return for ‘PA1’ (postponed accounting). Also the RTD return has been updated too. Currently no further changes are planned for Ireland but we’re watching what happens. 

    Customer services currently have a release date for the 22nd of December. The update is going through final stages of testing but is on track to finish before that date. 

    We’ll be publishing an article for v25, v26 and anybody not on Sage 50cloud subscription with how to create tax codes manually. The best thing to do is to install the update where possible.

    Thanks,

    Ian

  • 0 in reply to Ian C

    Excellent Ian,

    Thanks for the reply and all the details Thumbsup

    Cheers

    Paul

*Community Hub is the new name for Sage City