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Have a few questions regarding Brexit from the aspect of EU companies.

  1.  What will be the Tax code to be used after Brexit (For UK customers and UK suppliers, any new tax percentages)
  2. What to do with Open purchase orders/ open customer Orders/Open invoices etc
  3. The impact on Tax Ledger and Tax reporting.

If anyone have few details regarding the above please let me know

 

I am also following RandikaS’s question here. Additionally I would like to know how has Brexit affected Intrastat in IFS? 

 

Thanks RandikaS for the question. 

Hello 

Please see attached presentation that was delivered to customers in December 2020 addressing many questions.

 

Also please see below the link for the webinar presented on the topic.

 

https://info.ifs.com/Preparing-for-Brexit-On-Demand.html

 

Regards

 

Nick

We have the same questions as the initial ones by Randika: 

  1.  What will be the Tax code to be used after Brexit (For UK customers and UK suppliers, any new tax percentages)
  2. What to do with Open purchase orders/ open customer Orders/Open invoices etc
  3. The impact on Tax Ledger and Tax reporting.

The link to the webinar mentioned in the reply does not work now after IFS has redesigned their webpage, but I was able to open the presentation. According to the presentation the following vat codes are to be used. But are they the only ones and what is the standard setup in IFS?

W1 - Postponed VAT imports - Calculated Tax, 20%, 100% Deductible

W2 - ROW Purchase VAT Services - Calculated Tax, 20%, 100% Deductible. 

I guess all companies running IFS with customers and suppliers in UK have the same questions?

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