Hi all,
I have what I believe is a simple question, but just want to validate that I'm not missing an option that would simplify our VAT Posting Setup.
So we have a VAT Posting Setup combination of EUNV (EU Non-VAT Registered) + STANDARD (standard-rated goods). Against this combination we have set the standard Dutch VAT rate of 21%.
This is correct when we sell goods under this combination (as we are VAT-registered and would therefore apply 21% VAT); however, when buying standard-rated goods from a non-VAT registered supplier (i.e. one that has the "EUNV" VAT Bus. Posting Group), we would not be charged VAT.
As we cannot specify separate sale and purchase VAT rates for a single VAT Posting Setup entry, is the only way to handle this scenario to create separate VAT Bus. Posting Groups for non-VAT registered EU companies - e.g. "EUCNV" for customers, and "EUVNV" for vendors? Then we could have separate VAT Posting Setup entries, each with the appropriate VAT % applied?
Any thoughts appreciated. In case it's relevant, we use the GB version of Business Central, version 21.5.
Simon
