New VAT Rates
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default.
Note: You should make this change on 1 January 2010.
- Open the Settings menu, choose Configuration then click the Tax
Codes tab.
The tax code information appears.
- Select T1 then click Edit.
Note: If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.
The Edit Tax Code window appears.
- In the Rate box, enter 17.5 then click
OK.
The Edit Tax Codes window closes.
- To apply the change and return to the Sage Accounts desktop,
click Apply then click Close.
Tip: If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT. If you have any memorised or recurring entries, you must update the VAT rate before posting.