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Group VAT set up in IFS APP-10

  • 13 June 2023
  • 5 replies
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Dear Community

We are looking to set up Group VAT return in VAT,  There will be four companies, could you please someone please advise how we do this, we are using BTC software to submit the MTD.

For example company 100, will be the main company which will be submitting the VAT return on behalf of the all group, how do we add the other companies to the VAT return.

 

If any one has any instruction or process notes on setting up VAT returns for group would be greatly appreciated.

 

I look forward in hearing from you.

 

Thanking you in advance.

 

Thanks

Swati

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Best answer by Ieva Rituma 13 June 2023, 11:36

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Ieva Rituma
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Here are the steps you should follow:

  1. Ensure that all the tax codes from the group entities also exist in the company from which the VAT return will be generated from
  2. Set up the Tax Template Field control window for all the group companies
  3. Go to the Tax Report for MTD in the reporting company and add all companies in the “Companies” tab

 

When you process the tax clearance process, ensure that the posting control is set up correctly for the group entities (this could be different for the reporting company).

The tax clearance process has to be done from each entity, not just from the reporting one. 

IRituma
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Thank you Ieva, thank you for a prompt response.

 

when you say tax clearance process, do you mean via tax proposal? or is there another process that we need to do.

 

Thanks

Ieva Rituma
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After the tax proposal has been completed and is in status “Reported/Valid”, the Tax Clearance process clears the reported balances from the VAT control accounts, typically to the “VAT Payable/Receivable” account, which is not a control account. This account is used in postings for payment transactions from the VAT reporting company. 

IRituma
Ieva Rituma
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This is how the process is triggered: 

 

IRituma
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Thank you so much.

 

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