Since January 1, the old VAT rates of 19% and 7% have applied againSince January 1, the old VAT rates of 19% and 7% have applied again.
The decision to reduce VAT in the short term is a great thing from the consumer's point of view. For companies, however, this changeover represents an effort that is more or less complex depending on the company.
With a period of just 6 months, the duration of this VAT reduction is also short. This is doubly annoying if your company has to devote a lot of resources to the changeover.
Practice vs. theory
At first, such a reduction sounds relatively simple. In the accounting and billing software, you simply switch from 19 to 16 - that's it.
However, it is only quite that simple for individual sales. With subscriptions, on the other hand, the point in time at which the service is deemed to have been provided is decisive. This can also apply retroactively if the invoice has already been issued. In this case, these invoices may have to be canceled and reissued correctly with two tax rates.
Our solution
nexnet is on hand to advise customers. You can rely on the over 20 years of experience of our debtor management specialists. And you can also enjoy these benefits with nexnet's service:
- Simple conversion or creation of VAT rates for invoices
- Corrections can be made at any time
- The tax rate is changed automatically by the nexnet systems
- Identification and correction of invoices from before July 1, 2020 that need to be updated due to the VAT reduction
- The pitfalls of subscription models and subscriptions are taken into account
Minimize effort, increase efficiency
Are you looking for a solid partner for your financial management who will reduce your expenses beyond the VAT changeover? nexnet helps you to stay up to date and always maintain an overview.
