Cross Border VAT Changes on 1/1/2010

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As of January 1st 2010, Sales of Services need to be reported on your EC Sales Listing as well as Goods.

What are the Cross Border VAT Changes?

As of 1 January 2010 it will be a legislative requirement for a UK VAT registered business to declare any intra-EC services that they supply to a VAT registered customer in the EC on the EC Sales List (ESL – VAT 101 form). The EU Legislation changes affect the following businesses:

· UK businesses that supply services to EU member countries are now required to submit details of the service on the EC Sales List

· UK businesses that receive services from EU member countries will need to account for the service and update their VAT Return using the rules of the new legislation (Reverse Charge)

· UK businesses required to submit ESL (EC Sales Lists) must agree with HMRC whether they need to commit returns for Services on a monthly or quarterly basis

If any of the above circumstances apply to your business, see the relevant section below to see how you are affected;

Opera II & Opera II SQL

You will need to upgrade your Opera II or Opera II SQL system to version 6.72 or ABOVE.

Opera for Windows

You will need to upgrade your to Opera for Windows system to version 3.71 or ABOVE.

Capital Gold Accounts

You will need to upgrade your Capital Gold Accounts system to version 3.61 or ABOVE.

For full details of the Cross Border Changes, please refer to the HMRC website – http://www.hmrc.gov.uk/VAT/ec-sales-lists.pdf

 
For further information please contact
our Pegasus Team !!

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