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VAT Changes from 1st January 2010
18th December 2009
As you will be aware, there are changes to VAT from January 1st 2010.
Firstly, it is expected that the rate of VAT will change. There will be a period when invoices are received, or must be issued, with either of the two VAT rates. This could be accommodated by creating a new VAT code to carry the new rate, and using the “Expires” date against the existing VAT code to prevent its use after the changeover date.
Users of SOP (sales order processing) should consider that any outstanding orders may carry the old VAT code and rate, yet will not be shipped until after the rate change.
Secondly, there is the introduction of the new Cross Border VAT and subsequent changes to the EC Sales lists. We would like to hear from anyone using this functionality within the application to ensure they get the correct version to deal with this, as we do not wish to issue a general release to all Customers early in the New Year.
Please advise the support desk immediately if you use the Cross Border VAT / EC Sales list functionality.
Finally, there is the requirement to electronically complete VAT returns from 1 April 2010. This can be done directly through the HMRC website already, however we will be issuing a release in the 1st quarter of next year to automate this process.
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