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Update: Narrative Insights has been restored and is now available.
Narrative Insights is Temporarily Unavailable due to an Infrastructure Issue. Learn how This Impacts Your Account and What to Expect While the Feature is Disabled.
Narrative Insights is Temporarily Unavailable due to an Infrastructure Issue. Learn how This Impacts Your Account and What to Expect While the Feature is Disabled.
UK VAT on EU Acquistions
Please read this if you trade with the EU and use the ES and R-GB VAT codes. These clarifications result from the recent change in the VAT rate in the UK.
For EU acquisitions, the tax rate is 0% but the notional rate is not stored on the transaction in NetSuite: it is derived from the purchase tax code used on the transaction.
NetSuite recomends that you create two new tax codes (TES and TR-GB) with a rate of 0.00% and link this to the TS tax code in the "Notional rate Derived From" field.
This way any EU acquistions you may have earlier at the notional rate of 17.5% will continue to get reported correctly on the VAT100 return. (In the VAT100 Return, EU acquistions affects the reporting values in boxes 2 and 4).
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