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Brexit Transition: Tax Account Setup Changes (except SuiteTax)

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This notice is intended for NetSuite Accounts that have a United Kingdom (UK) subsidiary or a European Union (EU) subsidiary.

NetSuite SuiteAnswers will shortly include a Brexit training recording, which will be followed by a customer webinar in January 2021.

What is Changing?

The Brexit transition period ends this year. This means the UK will leave the European Union VAT regime, Customs Union, and the Single Market on December 31, 2020.

Postponed VAT Accounting

Beginning January 1, 2021, if your business is registered for VAT in the UK, you will need to account for import VAT on your VAT Return for goods that you import into:

Regards,

@Robert Nedelkow-Oracle | NetSuite Support Community Administrator

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