From the 8th of April 2021, HMRC is changing some of the VAT Return labels to reflect that the UK is no longer part of the EU and to recognise the Northern Ireland Protocol changes ...
Sage software will be updated to reflect the new VAT Return labels!
But don't worry though ... there's no action for you to take and this change does not affect your VAT Return submissions. In Sage 50cloud Accounts, the changes to the VAT Return Labels will be implemented in the next update, available in the coming months.
The changes will affect boxes 2, 4, 8 and 9 as follows:
Box 2 - "VAT due in this period on acquisitions from other EC Member States" changes to "VAT due in the period on acquisitions of goods made in Northern Ireland from EU Member States"
Box 4 - "VAT reclaimed in the period on purchases and other inputs (including acquisitions from the EU)" changes to "VAT reclaimed in the period on purchases and other inputs (including acquisitions in Northern Ireland from EU member states)"
Box 8 - "Total value of all supplies of goods and related costs, excluding any VAT, to other EC Member States" changes to "Total value of dispatches of goods and related costs (excluding VAT) from Northern Ireland to EU Member States"
Box 9 - "Total value of all acquisitions of goods and related costs, excluding any VAT, from other EC Member States" changes to "Total value of acquisitions of goods and related costs (excluding VAT) made in Northern Ireland from EU Member States"
Although these changes do not affect your VAT Return submissions, Sage software will be updated over the coming months to reflect the changes.
For Sage Business Cloud Accounting, the changes will be implemented by 7 April 2021. The VAT Return will show the correct labels based on the submission date of the VAT Return. For Sage 50cloud Accounts these changes will be implemented in the next available update.
In the meantime, your VAT Return will still submit correctly.
Until next time ...
ALISON MEAD
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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