Are you ready for Brexit?

Are you ready for Brexit?

Dec 15, 2020 | Customers

The UK is leaving the EU single market and customs union at the end of the transition period on the 1st January 2021.

Brexit will have implications for all UK businesses who trade with companies outside of the UK. If you import or export with companies outside the UK, you'll need to upgrade your Contract Costing software to the latest version.

What do I need to do now?

As a result of Brexit there are several Contract Costing changes that need implemented, don’t worry our experienced Support Team can help you with them.

• The commodity codes will need to be completed for stock items if goods are imported or exported. There is a bulk upload for these in Contract Costing, which the Contract Costing Support team can help import them for you.

• An EORI (Economic Operators Registration and Identification number) will need to be added for all customers and suppliers. This field is only available in most recent version of Contract Costing. Please contact us if you need to upgrade or are unsure which version of Contract Costing you have.

• Amend invoice layouts to include the above information. Our Contract Costing Support team can help you with this.

What do I need to do on January 1st?

On 1st January 2021 you'll need to amend the VAT codes in your back office system (Sage 50 and Sage 200). You may also have to amend VAT codes of open Purchase Orders. TMS Support can provide you with a script to do this in bulk, please contact us for more information.

The Brexit process is very much a fluid situation and there may be more requirements and considerations which emerge prior to the 1st January 2021. If so, we’ll provide you with any relevant information when it becomes available.

If you would like to discuss your specific requirements or would like to book an upgrade, do not hesitate to contact us on 01324 550760.

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