United Kingdom VAT100 Overview

Note:

This topic is for NetSuite accounts that use the Tax Reports (International) page to generate the United Kingdom VAT100 Return. If you are using the Country Tax Report page, see Periodic VAT return – VAT100.

United Kingdom VAT-registered companies can use NetSuite to generate the VAT100 report and submit it online to His Majesty's Revenue and Customs (HMRC). To do this, you need the International Tax Reports SuiteApp. For more information on the International Tax Reports SuiteApp, see International Tax Reports.

The United Kingdom VAT100 Tax Report can be accessed from Reports > VAT/GST > Tax Reports (International). The values on the VAT100 report are automatically generated from your transactions, and each box has drill down functionality so you can view transaction details.

Important:

• To correctly generate the VAT100 report, use the tax code properties provided by the International Tax Reports SuiteApp. See United Kingdom Tax Codes.

• For VAT filing purposes, invoices must show amounts in Sterling. If you need to convert foreign currency amounts to Sterling, you must use one of these methods:

  • United Kingdom market selling rate for Sterling at the time of the supply

  • Period rate of exchange published by HMRC for customs purposes

  • Another method of determining the exchange rate. If you are using another method of determining the rate, which you use for commercial purposes, and you want to use this same rate for VAT purposes, you need to apply in writing to the tax office to get approval. You can visit the HMRC online portal for more information about filling in your VAT form.

Read the following help topics for more information:

• Setting Up Tax Filing for United Kingdom – to submit the United Kingdom VAT100 Tax Report and EU Sales List (ESL) Report to HMRC directly from NetSuite

• What goes into each box – United Kingdom VAT100 report – to understand how NetSuite uses the tax codes to generate the VAT100 report

• Generating a United Kingdom VAT100 Tax Report – to generate a VAT100 report for a particular tax period

• Submitting a VAT100 Tax Return Online – to understand what happens when you submit a VAT100

• Viewing the VAT100 Submission History – to view the history and status of submitted VAT100 forms.

• Errors in your VAT100 Submission – to understand what you can do when errors are encountered in your submission

• Viewing the Submitted VAT100 in the File Cabinet – to view your submitted VAT100 tax report in PDF

• Making Tax Digital for VAT – to use the Making Tax Digital for VAT feature in keeping VAT records and submitting VAT100 tax returns to HMRC

Note:

You can also use customizable saved reports provided by the International Tax Reports SuiteApp to view both detail and summary reports for purchases or sales, grouped by tax code. For more information, see Sales and Purchase Reports Grouped by Tax Code.

General Notices