The new VAT Domestic Reverse Charge (DRC) on valuable metal is implemented from 1 July 2022. The DRC means that the liability to account for and pay the VAT charged by the supplier on a transaction involving valuable metal will shift from the supplier to the recipient. This is only applicable when bot the supplier and recipient is VAT registered. Can you please incorporate this into Xero. Attached is a video of how Sage incorporated that into the program. If the program does not support DRC then it makes declaring and handling the DRC very dificult.
Sannet Bouwer
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The new VAT Domestic Reverse Charge (DRC) on valuable metal is implemented from 1 July 2022. The DRC means that the liability to account for and pay the VAT charged by the supplier on a transaction involving valuable metal will shift from the supplier to the recipient. This is only applicable when bot the supplier and recipient is VAT registered. Can you please incorporate this into Xero. Attached is a video of how Sage incorporated that into the program. If the program does not support DRC then it makes declaring and handling the DRC very dificult.