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The transitional period during which the United Kingdom applied Union law ends on 1 January 2021.

For VAT purposes, the United Kingdom will acquire a “third country” status.

There are also some exceptions (Northern Ireland), so it may be worth noting that the United Kingdom of Great Britain and Northern Ireland comprises the territories of England, Scotland, Wales and Northern Ireland, which merge into Great Britain and Northern Ireland.

PANTHEON program will need to be adjusted accordingly and you will have to make certain corrections and change some settings.

Recommendation: manage and correct the settings only then, when all your records for 2020 concerning customers and/or suppliers from the UK are closed.

 

Beginning with 1 January 2021, make sure to set the following settings:

  1. PURCHASE/SALES METHOD

In Subjects, change the method of sales and purchase:

a. Change the settings in “Purchase from” to Import

b. Change the settings in “Sell to” to Export 

 

2. RECEIVED INVOICES

Invoices from the UK that have been entered as document type “Purchase from EU Countries” so far, are going to be entered as document type “Purchase from non-EU Countries” from 1 January 2021 onwards.

        

Here, pay attention that you enter all the invoices that still fall under the balance sheet date in 2020 (their initial number is 20 regarding the entered receiving date or date of service) according to the ‘old’ way, namely as document type “Purchase from EU countries”.

The 221% account will be posted by default depending on the selected document type.

If you only have few invoices from the UK, then only make sure that when you enter a received invoice on the same document type, change the payables account. This can also be set on the subject.

 

3. ISSUED INVOICES

Invoices from the UK that have been entered as document type “Dispatch – EU” so far, are going to be entered as document type “Export” from 1 January 2021 onwards.

       

Here, pay attention that you enter all the invoices that still fall under the balance sheet date in 2020 (their initial number is 20 regarding the entered issue date or date of service) according to the ‘old’ way, namely as document type “Dispatch – EU”.

If you only have few invoices to the UK, then only make sure that when you enter an issued invoice on the same document type, change the receivables account. This can also be set on the subject.

 

In case you have any questions, do not hesitate to contact us by phone +386 1 252 89 13 or email pomoc@datalab.si.

  • BREXIT – WITHDRAWAL OF THE UNITED KINGDOM FROM THE EUROPEAN UNION

Zadnja sprememba: 21. 12. 2020 @ 13:15

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