Brexit and Sage 50

From January 1st 2020, the UK will no longer be part of the EU. Many of you will be wondering how this will affect your day to day accounting. At the time of writing we do not have the full detail of the Trade Deal but we can make some simple assumptions about Brexit and Sage 50. Very soon we will be writing an article that firms up these assumptions and tells you exactly what you need to do.

Customers and Suppliers

Any UK customers or suppliers you have in Sage will need to be treated as being outside the EU. This will mean setting up new tax codes and changing defaults over to these tax codes. The procedure will be very similar to the VAT rate change that happened in September.

Products

UK sourced products will likely require Commodity codes. Most of you will already be using this field in Sage for your Intrastat reporting.

And Finally

Here is Sage Brexit Hub with links to useful advice on Brexit and Sage 50…

https://my.sage.co.uk/public/help.aspx#/customer/support/brexit/category/hub