Due to the recent legislation, concerning reverse charge VAT in the construction scheme, its important that the documentation produced from Business Central, can(by default) state either the VAT Rate used and/or VAT Amount on the documentation provided to customers.
Point 14 on HMRC's technical guide clears states this must be on the documentation:
When supplying a service subject to the domestic reverse charge, suppliers must:
- clearly state how much VAT is due under the reverse charge, or the rate of VAT if the VAT amount cannot be shown, but the VAT should not be included in the amount charged to the customer.
Link: https://www.gov.uk/guidance/vat-reverse-charge-technical-guide#invoices
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Comments
Yes this should be included in the UK localisation
Posting group may get away with a solution however reporting and additional field on vendors requires dev work,
Current extensions seem to be a massive overkill on requirements for standard small businesses.
Standard functionality in base line accounting systems.
Category: Reports and Business Intelligence
Should add, an idea i suggested when speaking with partner support was to add the 'VAT Prod Posting Group' under a 'Tax Liability' field in the header of the invoice.
Example:
Tax Liability: STANDARD
However, this would potentially require that the wording is updated in the system as part of the release.
For the meantime, i have updated the VAT Clause to specify the relevant VAT Rate but this isn't ideal.
Category: Reports and Business Intelligence
Business Central Team (administrator)