To change the VAT rate in Sage Accounts
Summary Change T1 to 20% and T3 to 17.5%
STEP 1
1. Open the Settings menu, choose Configuration then click the Tax Codes tab. The tax code information appears.
2. 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.
3. In the Rate box, enter 20 then click OK.
STEP 2
1. Select T3 then click Edit. Note: If you already use this tax code for something else, select a different tax code. The Edit Tax Code window appears.
2. In the Rate box, enter 17.5% then click OK. The Edit Tax Codes window closes.
3. 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. 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.
STEP 3
All recurring invoices will need to be recalculated. To do this, open each memorized invoice and reselect the tax code.
STEP 4
All recurring entries in the bank will need to be checked and VAT adjusted accordingly.
