Access Accounting to release Reverse Charge VAT upgrade "within weeks"

Press Release - Monday, October 23, 2006

Business and accounting software developer, Access Accounting has announced its intention to release Reverse Charge VAT functionality by the 1 December deadline set by the HMRC.

“Reverse Charge VAT will reduce the Treasury’s risk of being exposed to carousel fraud, but this does mean a more complex VAT regime for businesses who trade in these goods,” said Kevin Misselbrook, customer services director for Access Accounting.  “We have a duty to our customers to help them to comply with the growing burden of regulatory compliance, which is why we’ve responded so quickly and scheduled this functionality to be released within the next few weeks.”

Reverse Charge VAT will affect business-to-business companies dealing in electronic goods including mobile phones, computer chips and processors, electronic storage media and electronic devices used for storing, processing or recording electronic data such as handheld devices and computers, GPS systems and games consoles.

In a recent article published online, Dennis Keeling, chief executive of the Business Application Software Developers Association was quoted as saying: “This is the biggest change in accounting software we have seen since 1993,” He continued to comment that the reverse charge and reporting requirements coincided with the introduction of electronic VAT returns, which will become available next year. He pointed out that developers were likely to release both sets of changes within the same upgrade, which for many could be as late as mid-2007.

Access Accounting, which was the first company to release SAF-T functionality free to all its customers in August, is already well underway with the imminent changes to the software. Kevin Misselbrook, commented, “It’s been reported in the press that developers are not going to have the functionality ready for some time but this doesn’t need to be so.

The only significant part of the specification we’re waiting for from HMRC is the format for the Reverse Charge report, which companies will need to supply to HMRC on a quarterly basis. As this is likely to be XML based, we are confident that we have the tools and expertise to deliver this feature very quickly. At Access Accounting we’re fortunate enough to have the resource and the agility to effectively respond to the changing needs of business.”

(Article published October 06)

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