New Year, Old VAT Rates

Since January 1, 2021, the old VAT rates of 19% and 7% have applied again. Pay attention to the efficient conversion of your invoices.

Reduce VAT, Increase Consumption

Dieses Konzept sollte den pandemiebedingten Nachfragerückgang abfedern und der Wirtschaft zu neuem Aufschwung verhelfen. Um die Verkaufszahlen wieder nach oben zu treiben, wurde die Mehrwertsteuer im Juni von 19 % auf 16 % und von 7 % auf 5 % umgestellt.

From the customer’s point of view, this is of course a great thing. But what brings with it a great advantage for consumers, sometimes presents companies with immense bureaucratic effort. It’s doubly annoying if a lot of resources had to be used in your company for the changeover and the old VAT rates have been in effect again since January 1st, 2021.

At first glance, a VAT changeover sounds quite simple. In the accounting and billing software, you simply switch from 19 to 16 – that’s it. It’s that simple, however, only for individual sales. In the case of subscriptions, on the other hand, the point in time at which the service is deemed to be rendered is decisive. This can also apply retrospectively if the invoice has already been issued. In practice, this means that invoices may need to be canceled and then recreated with the correct tax rates. This not only costs time, but also nerves.

The nexnet Solution

Rely on over 20 years of experience in accounts receivable management . We are at your side to advise you and you also benefit from further advantages:

  • Easily create or convert VAT rates on invoices
  • Corrections can be made at any time
  • The tax rate is changed automatically by the nexnet systems
  • Identifying and correcting the invoices created before July 1st, 2020 that need to be updated due to the tax changeover
  • Consideration of the special features of subscriptions and subscription models

Reduce Effort, Increase Efficiency!

As a solid partner, nexnet will be happy to advise you on the VAT changeover and reduce the effort on your part.

In addition, nexnet helps you to stay up to date and always keep an overview. This also makes your financial management a breeze. Learn more about financial management outsourcing .



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