Are you ready for Brexit ?

On the 31 december, the transition period between the UK and UE will end.

Business will need to be ready for changes to VAT, customs, people and data.

This means that from 1st January 2021, doing business between the UK and the UE will change.

Are you operating in EU? Is your business affected by Brexit?

Here is the list of the main changes :

  • Import and export of goods to and from EU countries, including associated VAT payments, VAT refund claims and (potentially) custom and excise duties,
  • State aid, including grants and block exemptions,
  • Transport and logistics, including fulfilment,
  • Product safety or eco-compliance, including packaging and labelling that references EU licensing,
  • Copyright, trademarks and patents,
  • Environmental industrial standards, including emissions,
  • Transfer of personal data between the EU and UK.
  • Mutual recognition of qualifications and relevant licences (including audit, banking and insurance licences).

How is sage X3 adapted to this changes ?

Intrastat: EU withdrawal date in Sage X3 has been added at the country level in release 2019 R2 and version 11.0.13. This date is considered when accurately filtering the transactions that must be reported.

VAT :  Postponed VAT accounting” (PVA) integrated in SAGE X3.

EORI number : The ability to manage EORI numbers will be delivered in release 2021 R1 delivery planned in February 2021.

Check list to be prepared for the 1st January

  • Find out how to declare goods from 01/01/21
  • Check the new rules for your type of goods
  • Make sure you have an EORI number starting with GB
  • Check the rate of tax and duty you’ll need to pay
  • Decide how you’ll pay tax and duty
  • Check if you can make the importing and exporting process quicker
  • Check if the EU business you’re (importing from/exporting to) is ready.

If you want to find more information, the links below can help you :

SAGE information :

https://www.sage.com/en-gb/brexit/

https://www.sage.com/en-gb/blog/customs-and-vat-after-brexit/

UK governement information :

https://www.gov.uk/prepare-to-export-from-great-britain-from-january-2021

https://www.gov.uk/guidance/check-when-you-can-account-for-import-vat-on-your-vat-return

 

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