As the United Kingdom prepares for our exit of the European Union, many businesses will have to adjust a multitude of factors within their working routines and processes.
As of 1st January 2021, the UK will leave the European Union and a new and complex trade border will be established. This means that full control will be placed on the movement of goods between Great Britain and the countries within the EU. These regulations will be similar to the rules that currently apply to the movement of goods with non-EU countries.
Some of the many factors that need to be taken into consideration include:
- Border Controls
- Customs Declarations
- Customs Duties
- Changes to VAT
This might sound complicated but Pegasus software have made these changes a lot simpler for their users!
If you trade within the European Union, there are complex VAT rules in which you will have to comply with regarding the importing and exporting of goods. These rules can be hard to follow and failure to comply can result in heavy financial penalties. To help you, these complex rules are automatically built into Opera 3 EC VAT to make life easier for you!
For more information regarding Pegasus Opera 3’s Finance software, get in touch with the Minster Team!