Sage 50cloud Accounts v27.1 Service Pack
There have been several additional improvements release in Sage v27.1 relating to Brexit, along with general improvements to the software itself.
To cover the general improvements first, there have been amendments made to the Auto update functionality, meaning that any future updates are completed with a simple one-click installation. The Remote Data Access (previously SageDrive) has been changed to further streamline the setup process and the Help Centre now opens using your default web browser, rather than Internet Explorer.
Sage 50cloud Accounts v27.1 is Brexit Ready!
Selling to the EU
Included in v27.1 there is a new commercial invoice, giving you a starting point for where to put the new information needed for export. We have found that a lot of the boxes on here are empty, so we have been finding creative ways with our customer to pull through information into them.
At ACIT it is our goal that all users have a single layout for everything, so one invoice layout to print domestic and export invoices, whatever the currency. Using filters and expressions we can make this happen.
Buying from the EU
There are New UK import tax codes, to assist with VAT Accounting from 1st January 2021. These are in the range T15-T19 and can be seen in Settings > Configuration > Tax codes.
What is Postponed VAT Accounting?
Postponed VAT accounting has been introduced to help with the potential cash flow impact that suddenly having to pay Import VAT when buying goods from the EU would have on businesses. It can be used for all Imports from abroad, including Northern Ireland who are still being treated in this respect as part of the EU. It means that import VAT due on goods arriving in the UK can be accounted for on a VAT return rather than having to pay VAT on the goods immediately as they arrive in the country. Click here to see Greg’s how to guide which explains how it works
New Country Codes
There are new Country Codes for anyone who trades with Northern Ireland. “XI” should be used as a prefix for VAT registration numbers of companies in Northern Ireland. There is another one, “XU”, for Great Britain, however HMRC have yet to offer guidance on where to use this.