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We’re excited to announce that the 2025 Community Recap is now available! This special recap highlights the amazing contributions and achievements of our members over the year and celebrates the collective success of our community.
Check your personalized recap to see the impact you made in 2025 and how your efforts helped shape our community’s growth and success.
View Your 2025 Community Recap
Thank you to everyone for your passion, collaboration, and support. Here’s to building an even stronger community together in the year ahead!
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).