Sage releases 50cloud Accounts Version 27.2
From 5th July 2021, Sage 50cloud Accounts subscribers will be able to get their hands on version 27.2. The latest iteration of the accounting software for SME’s is all geared up to deal with Brexit changes and the EU VAT e-commerce package enhancements.
If you’re late to the party and haven’t upgraded to 50cloud Accounts v27 yet, you’ll be pleasantly surprised with the extra functionality that version 27 brings. For example, the new and most requested ‘custom alerts’ feature as well as updated VAT codes for 2021.
You can find out what you’re missing by reading our earlier blog post on Sage 50cloud Accounts version 27, or read on to see what to expect in version 27.2.
EU VAT e-commerce package changes
To support small businesses and remove barriers to trading with EU consumers, the European Union has announced two new optional VAT schemes. Active from 1st July 2021, the schemes will open for businesses selling to EU consumers in a B2C capacity.
Instead of registering and paying VAT in each country, businesses will have the option to report and pay all EU VAT through a single return using
One Stop Shop (OSS) Using OSS, you’ll no longer need to register for VAT in each individual EU country you sell to with regards to B2C sales of service sand intra-community distance sales. When you use OSS, the tax authorities in the country where the OSS return is filed will take on responsibility of distributing the VAT to the relevant tax authorities in the EU.
There are two versions of OSS; the non-union OSS can be used by businesses that are established outside the EU and can be used to report VAT on sales or service to EU consumers only. The Union OSS can be used by established EU businesses to report VAT on both intra-community distance sales of goods and non-domestic sales of service to EU consumers.
Import One Stop Shop (IOSS) The Import One Stop Shop is a new, optional scheme allowing B2C imports of goods into the EU from outside the EU. Where the IOSS scheme is used, instead of import VAT being payable upon importation into the EU, the seller charges ‘destination VAT’ at the point of sale. The EU VAT would then be reported and paid through a single EU VAT Return.
This option can be used by any business inside or outside of the EU, that sells goods or services to EU consumers outside of their own country. For more information on the OSS and IOSS schemes visit the government advice website.
The latest version of Sage 50cloud Accounts v27.2 is configured to support these changes.
VAT Return Labels
From 8th April 2021, HMRC made changes to reflect the fact that the UK is no longer part of the EU, and to recognise the Northern Ireland Protocol changes. As a result, some of the boxes on the UK VAT Return have different names which have been updated in Sage 50cloud Accounts version 27.2.
Visibility of EORI numbers
As of January 1st 2021, businesses are required to have an Economic Operator Registration and Identification (EORI) number to import and export goods between the EU & the UK. This is also known as the Exporter Reference Number (ERN) or the exporter’s Registered Exporter (REX) number. In version 27.2 of Sage 50cloud Accounts a new field has been introduced to store your customer and supplier EORI numbers.
Ability to enter Incoterms for customers, suppliers, invoices and orders
Incoterms are rules issued by the International Chamber of Commerce (ICC) to be used for the international sale of goods. They are used to define the responsibility of sellers and buyers, for example, who is responsible for paying for shipment, insurance and other responsibilities. For more information on how to record Incoterms in Sage 50cloud Accounts take a look at the Sage guide.
Upgrading to Sage Version 27.2
If you are a Sage 50cloud Accounts subscriber you can upgrade to the latest version of the software from the 5th July 2021. If you’re using a perpetual Sage 50 Accounts licence, you’ll need to switch to a Sage 50cloud Accounts subscription first. For help or advice, call us on 0121 323 2304 or email us on info@softext.co.uk.
