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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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