Sage 50 Software Update Available (27.2) For MOSS, OSS And IOSS
VAT reporting for EU transactions ...
Posted by Alison Mead on 05/07/2021 @ 8:00AM
Sage has released a new update to their software to allow for changes in legislation coming in from 1st July 2021. From this date, if you trade with consumers in the EU then you need to be able to report on the tax using MOSS, OSS and IOSS ...
If you need help getting this sage 50 software update installed, do get in touch!
MOSS is the Mini One Stop Shop which allows you to account for VAT normally due in multiple EU countries in just one country. It is commonly used to account for digital services. From 1st July the scope for VAT MOSS is being widened to allow for the reporting of more supplies and is being termed more simply as the VAT One Stop Shop (OSS).
"The theory is the same, it allows a business to simplify their VAT reporting by registering in one EU member state!"
A new import scheme called Import OSS (IOSS) is also being launched to cover the distance selling of goods imported from non-EU areas with a basic value of less than 150 EURO. This blog post explains this all in more detail.
The Sage update assists you in producing the figures needed for this VAT reporting. Once the update is installed you will need to go to Help/About and check under features enabled that OSS/IOSS reporting is set to YES, and if it isn't follow the instructions in this knowledgebase article to enable the reporting.
You will also need to ensure you have the VAT codes set up in your Configuration/Tax Codes area in the Settings menu. For more details on this then you need to read this article.
Finally, ensure you change the default codes where appropriate for customers who fall under the new reporting requirements to the new codes you have created in the previous step. Also ensure these are being pulled through correctly into your invoices and sales orders. There is more support on this in this article. Do note that you should use a different code for goods and services as they affect your VAT return differently. This is all covered in this article so you understand what is required on the VAT return.
If all this just seems a little too confusing and you need help getting your Sage 50 software upgraded and all setup, do get in touch as we are able to help remotely with Sage upgrades and hand-holding sessions to get everything all working correctly.
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!
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