NetSuite, a provider of on-demand, integrated business management software services, has announced that customers in the UK will be able to respond to the VAT cut in time for its December 1 implementation.
Chancellor Alistair Darling announced in his Pre-Budget report on November 24 that VAT would be cut from 17.5% to 15% in an attempt to kick start Britain’s struggling economy. It is hoped that the decision would temp shoppers back to Britain’s High Streets.
With only a few days notice, businesses were required to make quick adjustments in their billing and eCommerce systems in order to comply with the rate change.
NetSuite Tax Engine, integrated within the NetSuite business management software suite, enables users to comply with the tax reduction with a few configuration changes. According to the company, customers will have to create a new tax code with within NetSuite that reflects the new 15% rate and has an effective date of December 1 2008 then apply this new tax code to their catalogue of items sold using either mass-editing tools, or Import Assistant if a large number of items are involved.
NetSuite’s UK VAT Compliance plan uses a multi-channel approach and features a dedicated micro-site on the NetSuite Web site, postings within the NetSuite user group online forum, email communications, and a live webinar that will also be recorded for reference purposes.
Craig Sullivan, vice president of international products for NetSuite, said: “Changes to UK VAT rates are relatively infrequent, but by their very nature tend to occur at those times that are most challenging for businesses to respond to them.”
“Recognising that challenge, we designed the tax engine within NetSuite to easily accommodate such changes on-the-fly. We also realise that our customers would benefit from additional guidance and support in managing the transition smoothly and efficiently, minimising any disruption to their business. NetSuite’s UK VAT Compliance plan provides that support.”
