T’is the season to be joyful and what better way to rejoice than with news of a new arrival!
In preparation for the impending onset of ‘B.E. Day’ (Brexit End Day), the wise men (and Women) at Sage have delivered unto thee a new version update of Sage 200cloud Professional.
Are you ready for Brexit?
On 1st January 2021, the UK’s long anticipated transition out of the EU will come into effect. Though we are still unsure as to how this will really affect businesses here in the UK, and how those businesses will continue to trade with EU businesses as the process is yet to be concluded (at time of writing).
However, what we do know is that finance teams within businesses that buy and import goods from EU member states will have to make some adjustments to their financial practices to accommodate the New VAT terms, rates and claiming VAT process, as well as tracking and recording data on imports and exports.
Therefore, Finance Directors and Managers need to be assured that their accounting software is ready for Brexit, and most importantly compliant.
Unwrap the New Sage200cloud professional before Christmas.
Scheduled for release on December 22nd, this latest version of Sage200cloud Professional R2 comes with updated compliance features which will support the UK transition from the EU. Sage have included these critical, Brexit related, updates to Sage200cloud Professional R2 based on customer feedback, to support those businesses that will be trading across the EU after 1st January 2021.
The update is focused on helping existing Sage200 cloud users to continue to run their business with minimal disruption. More importantly, it will allow businesses to meet the challenges of recording and reporting on VAT, Intrastat and country lists.
Important updates in Sage 200cloud Professional R2:
- Postponed Accounting
- VAT registered businesses importing goods into the UK from anywhere (including the EU), will need to use a new system called ‘Postponed VAT’. This allows businesses to account for VAT on their VAT return, rather than paying immediately to Customs and Excise on imports, for example – at the port of entry.
- Intrastat
- Sage 200cloud will enable businesses to track and record details on arrivals of goods from outside the UK and are in compliance with HMRC who still need to understand the rate of trade between UK and EU states.
- Country list
- Enables flagging of GB as outside of the EU
How can Acuity help?
If you are concerned about your business’ readiness for Brexit compliance, and want to know more about the latest release of Sage 200cloud Professional (and Sage 200 Extra online), please get in touch with us to discuss further. Get in touch via sage200accountmanagement@acuitysolutions.co.uk if we currently support your Sage200, for one of our team to get back in touch. Or please email marketingteam@acuitysolutions.co.uk if you are using Sage200 and interested in upgrading with us.
And finally, the Star atop the tree from Sage.
To support of UK businesses further, the team at Sage have created a ‘Brexit Central’ Hub that addresses all Brexit related queries, including a timeline of significant decisions in the run up to B.E. Day. Find out more here
Please feel free to get in touch about any Sage related questions, our team are happy to help. Use the marketing email above.
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