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Dynamics 365 Business Central – Download a VAT Configuration package for the UK – Includes EU Reverse Charge and Postponed VAT

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#uk

Dynamics 365 Business Central

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Oct 2, 2024

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  • To simplify the process of posting EU reverse charge purchase invoices or if enrolled in the Postponed VAT scheme, a VAT Configuration Package has been created.
  • The package includes settings for Standard VAT, EU Reverse Charge for services, and Postponed VAT on imports for UK businesses.
  • The VAT configuration package pre-configures key areas of the system such as VAT Business Posting Groups and VAT Product Posting Groups linked to Customers, Vendors, items, and services.
  • VAT Posting Groups are defined to calculate VAT on sales and purchase transactions accurately.
  • The VAT Statement, used as the basis for submission to HMRC, consolidates all VAT-related information.
  • A General Journal for Testing is included in the package for posting journals to ensure the VAT Statement functions as expected.
  • The Configuration Package can be downloaded using the provided link.
  • The aim is to facilitate the VAT setup process for businesses dealing with EU reverse charge invoices or utilizing the Postponed VAT scheme.

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