Brexit - UK end of transition

Brexit – UK end of transition

21/01/2021 By: Jake Middleton

With the transition period coming to an end on 31st December 2020, your business could be affected. 

Sage has put together a dedicated Brexit Hub to help you understand how the changes could affect UK business, and what you might need to do.  

It includes details on product changes Sage is making to help you manage the impacts of Brexit. 

The Sage Brexit Hub will also be the place for any late-breaking changes resulting from any trade deals made between now and the 31st of December, so please keep checking back. 

Key points and considerations

Below is a list of key points and considerations regarding the UK end of transition. This will inevitably affect the way you use your software and there are tasks that you will likely need to complete.

Do you currently trade outside the UK, with EU countries?

If you trade outside the UK, in mid-December, Sage will release a new update for both Sage 5cloud Accounts (v27) and Sage 200 to help you process accounts under the new rules from 1 January 2021.

Update your UK tax codes and commodity codes in your software.

You will need to update the tax codes on existing EU records, recurring entries, and outstanding items, and if required, add commodity codes to your products.

Update the country of Origin

If you need to specify the country of origin for your products, you will need to update this field within your software.

Apply for an EORI Number

If the UK leaves the EU with no deal, you will need an EORI (Economic Operator Registration and Identification) number to continue importing or exporting goods with the EU. Click here to find out more.

If you require any assistance with the above or want to discuss your business’s next steps, please do not hesitate to contact us using the button below.

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