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

Introduction

If you need to post EU reverse charge purchase invoices, or you are enrolled in the Postponed VAT scheme, setting up the VAT statement can be a little more complicated than usual.

To make this process easier, I’ve created a VAT Configuration Package that contains all the necessary settings for UK businesses. This includes:

Standard VAT for sales and purchases within the UK
EU Reverse Charge for services
Postponed VAT on imports

What’s Included in the Configuration Package?

The VAT configuration package ensures you have the following key areas of the system pre-configured:

VAT Business Posting Groups: These are linked to your Customers and Vendors.

VAT Product Posting Groups: These are linked to your items and services, ensuring that VAT is calculated correctly based on the nature of the sale or purchase.

VAT Posting Groups: These define how VAT is calculated on sales and purchase transactions.

VAT Statement: This brings everything together and what you use as the basis to submit to HMRC.

General Journal for Testing: This includes journals you can post to test the VAT Statement is working as you’d expect.