UK VAT-registered businesses with an annual turnover of £100,000 or more are now required to submit VAT returns online - either directly from NetSuite or via the HMRC website. In early April 2010, we made available the NetSuite Tax Reporting and Filing bundle 8375 that included online filing for VAT100 and EC sales lists and new reports including EU Intrastat. These are supported just like any other NetSuite features except that they are released via SuiteBundler.

With the upcoming Version 2010 Release 2, installation of bundle 8375 will become mandatory for all UK VAT-registered customers as the older VAT menu and its associated reports will be withdrawn from November.

VAT Reports & Filing

SuiteBundle contents:

1. UK VAT 100 — including drilldown and integrated online filing.
2. EC Sales List — new reports and integrated online filing.
3. Intrastat Reporting — provides reports for tracking cross-border goods movements with export file capability enabling upload to the HMRC website
4. Two new Saved Reports by Sales and Purchase VAT, split by tax codes, that can be used for any subsidiary and any period.

How do I install this bundle?
You need to be logged in with the Administrator role in order to install the bundle and initiate the running of the scripts.

1. Go to Setup > Customisation > Install Bundle.
2. Enter the following criteria:
• Location = Repository,
• Availability = Public
• Keywords = Tax Filing & Reporting
3. Click Search.
   
4. Look for the Bundle with ID 8375.
5. Click on the link.
6. Click Install.

Steps to follow after installing the bundle

1. Go to Setup>Company >Enable Features. On the SuiteFlex tab make sure that Custom Records is checked otherwise you will not be able to use these features.
2. Go to Setup>Custom >Tax Return setup and enter your company’s details such as User ID and password for online filing.
3. Unlike normal bug fixes, bundle updates currently require active action on your part, so we’d encourage you to check frequently for updates. Go to Setup>Customisation> Install bundle> List and then click the Update link against bundle 8375

Sources of Help

• Please refer to the NetSuite Help documentation for more details on how to use the features
• Recorded training videos are also available from NetSuite Central. You can access these and other 2010.1 training materials by going to the Support > help > Netsuite Central Menu. Click Learning > New Feature Training