You should have already been made aware by HM Revenue and Customs that the VAT rules change with regards to Inter-European Trading as of the 1st January 2010. There are two main changes that affect you and that you should be aware of:

Supply of Services are now to be treated as the same as Supply of Goods and will need to appear on an EC Sales List provided to HM Customs and the VAT office.

Responsibility for VAT is now the customers responsibility - This means that there will be no VAT charged to EU Clients, even if they are VAT registered. Values will however still need to be accounted for which we have made provisions for in the new changes.

What has changed in Reynard and FreightFax4?

Changes have been made to the Vixsoft accounting modules to accommodate the changes laid out by HM Revenue and Customs. The changes implemented in the current release of the software will take effect as soon as a Sales or Purchase Period is in January 2010.

You must ensure each client has the correct VAT Registration number entered in the Customer Maintenance File and that the Customer Type is set correctly. EU clients that do not have VAT details or the Customer Type set to European Commuity will NOT appear in the EU sales list.

Failure to ensure these details are correct could result in fines.

You can enter the details in:

Main Menu > Sales Ledger (SL) > Customer Maintenance (1)