We don’t love you, Darling
Following the announcement of the change to VAT on Monday 24th November, giving a grand total of 4 working days notice until the new rate becomes operational, we have had a busy couple of days helping our customers make sense of the changes and making sure they are in the best position to cope.
The changes to our systems are relatively minor compared to some of the changes required to operational and front office systems. Our many retail clients, for example, have to consider how and when to actually introduce the (effective) price change to their products, bearing in mind standard price points as well as the time of year. There are also issues to consider with documents that go across the rate change date as well as interfaces with third party systems. Our trade association BASDA has published a useful list of issues to be considered - http://www.basda.org/HMRC-exclusive-briefing-for-BASDA-members-re-VAT-changes-247.htm.
We set up a page of information this week containing advice and guidance for each of our systems, as well as guidance papers released by HMRC. Of note, our website had its greatest number of visitors ever on Thursday (over 1,000 visitors), with over 800 downloads of the documents that we put there over the last two days.
A lot of work for us, but a mass of work for our clients. So no, we don’t love you, Mr Darling.
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