Brexit Impact

The UK has now left the EU and many companies have been left wondering how they are will be affected and had very little time to plan.

We wanted to reassure our customers that Sage work very closely with HMRC and are adapting their products, guidance and services, so that your Sage solution remains compliant with legislative changes that will occur across payroll, VAT and other taxes where required.

The below Brexit Impact Assessment will help you to determine whether your business will need to make changes to your business processes in order to comply with new Brexit laws.

Brexit Impact Assessment

Import/export and logistics – does your business import or export goods to the EU?
EORI – do you need to register for an EORI number?
Northern Ireland Protocol – does your business trade under the protocol?
Taxes and money – is your business VAT registered or do you operate under the VAT MOSS scheme?
Software – is your Accounts software up to date?

Changes Post Brexit transition

Importing Goods – Business to Business (B2B)

ALL imports to Great Britain will now be treated how ROW (Rest if World) imports are treated.
Northern Ireland will continue to treat EU acquisitions and ROW imports as they do today.
To ease this process, import VAT can be accounted for via ‘Postponed Accounting’.

Services

These basic rules are the same globally and will not change as a result of Brexit.
UK (both Great Britain and Northern Ireland) businesses will have to start using the non-union MOSS.
UK businesses will no longer be able to apply the €10k MOSS threshold, meaning more businesses may register for MOSS and have to apply VAT of the destination country.

Exporting Goods

ALL exports from Great Britain will be treated how ROW exports are treated today.
This MAY result in additional EU VET registrations.
Northern Ireland will continue to treat EU supplies and ROW exports as they do today.

Are you Brexit ready?

The UK has left the EU and the Brexit transition period came to an end on 31st December 2020.

For many businesses there are key actions that your business will now need to undertake in order to reflect the new legislative changes.

Sage have put together this useful video on the latest Brexit legislation and the new features in Sage 200cloud to help British businesses with trading from the 1st January 2021 with the EU and the rest of the world.

Click for advice

Learn More

To find out more about Sage software and our professional consultancy services

With offices in Cardiff, Devon and Cornwall and with over 25 years of experience, Micross Logic helps business to improve their performance through the implementation of Sage solutions and expert consultancy services.

Quick Quote

Phone Number:

Emails:

Is your business affected by Brexit?