Wednesday, September 18, 2024
1 change · 17.0
Enhancements to existing features
The UK localization now includes standard fiscal positions and VAT handling for reverse charge and postponed VAT scenarios. This helps companies apply the right tax treatment for domestic, international, and Northern Ireland cases with less manual setup.
Original PR description
This commit adds default fiscal positions for the UK, and postponed / reverse charge VAT. The (sales) reverse charge tax is labeled "Reverse Charge 20%" because of a legal requirement (Chapter 7.6.1…
This commit adds default fiscal positions for the UK, and postponed / reverse charge VAT. The (sales) reverse charge tax is labeled "Reverse Charge 20%" because of a legal requirement (Chapter 7.6.1 on the gov website: https://www.gov.uk/guidance/the-vat-domestic-reverse-charge-procedure-notice-735) Two purchase reverse charge taxes are added, one for the domestic reverse charge scheme, and one for the international reverse charge scheme. (More details on the gov website: https://www.gov.uk/guidance/how-to-fill-in-and-submit-your-vat-return-vat-notice-70012) The existing 20% purchase VAT is split into two new taxes, one for services and one for goods. This is so that they may be appropriately mapped in the "Rest of the World" fiscal position. If the company is situated in Northern Ireland, certain taxes and fiscal positions should be activated. This commit sets the (by default) inactive Northern Irish taxes and fiscal position to active after loading the chart template when the company has a state_id set as one belonging to Northern Ireland. task-id: 3260002