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Hi, does anyone has experience in a similar requirement as described in the example hereafter :

Belgian Company, country code = ‘BE’ created with a Belgian VAT number. Due to Brexit, this customer has to register for tax in United Kingdom.   So, besides Belgian VAT number, there also will be an UK VAT number, active as from Jan 1st, 2021.

Accounting is in EUR.  Customer invoices sent to United Kingdom customers can be in EUR and GBP. 

VAT reporting for Belgium is in EUR, that is OK.

VAT reporting for United Kingdom must be in GBP.

 

Following questions are raised:

  1. Is it possible to have a tax reporting done in another currency than the accounting currency ?  Does anyone have experience with that ?

 

  1. To allow the Belgian company to use the S089 tax template, is it smart to copy this tax template (i.e to S089_BE) ?   At time of copying the template, the country linked to this template will change to BE, but is this smart to do, meaning there any delimitations ?

 

  1. Is functionality available to submit VAT returns to UK HMRC authorities ?

Thx,

Hi,

This is a valid request and I had the following example.

“A Swiss company with accounting currency CHF has tax registrations in UK (tax reporting currency = GBP) and in Germany (tax reporting currency = EUR) . The company has to create 2 tax reports in UK in GBP and 2 tax reports in Germany in EUR”.

Being an employee in IFS R&D, I handled this request and introduced the functionality in tax ledger, App10 track. I hope you know that in IFS tax ledger, we have only balances in accounting currency and parallel currency. We introduced another reporting currency base, “ User-Defined Currency “. 

With that, you can translate the balances in EUR to GBP inside the tax ledger specifically when you do the reporting.

As long as you have a properly set tax template and tax report, this is something quite easy in App10 onwards.

The functionality was admired by actual customers and I hope you would do the same. :grinning:

If possible, try to use this functionality and share your experience with me.

Best regards,

Chirantha.

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