How to prepare Netsuite for Brexit?

Brexit

Brexit is the scheduled withdrawal of the United Kingdom (UK) from the European Union (EU). Read
in detail on wikipedia .  Brexit requires many changes in Netsuite system too.

 
VAT rules and implications for goods and services traded between U.K. and EU when U.K. leaves the European Union (EU) are as follows:

1. Import VAT on goods to U.K. from outside the EU
2. Import VAT on goods to U.K. from the EU
3. Export of goods from U.K. to EU (B2B)
4. Import/export of services to/from U.K
5. Distance selling (B2C)
6. VAT Return
7. No EC Sales or Intrastat reports will be required to be submitted


Steps needed in Netsuite related to tax codes:

1. Inactivate the EC Tax Codes: Inactivate EC tax codes as they no longer required. In specific use cases like: Order is in backorder and Invoice is pending, you can still keep them active and inactivate later.

2. Create new Tax Code: Create new tax code for UK specific.
3. Update the Tax Schedules.: Navigate to Setup > Accounting > Taxes > Tax Schedules.
4. Update Customer Records: Update tax code on customer record to use new tax code for UK
customers.
5. Update Vendor Records: Update tax code on Vendor record to use new tax code for UK customer.


If you have any suggestion, please comment below.

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