Sage 50

• Important VAT Changes: How to update your Sage 50 software

  Following the Chancellor's recent announcement, there have been changes made to the standard VAT rate. There is no software upgrade required for these changes; you need to amend the VAT % value within the Sage 50 solution. To do this please follow the below instructions:
  
  

  Note: the following are not affected by the change in VAT rate:

  • Zero-rated goods, for example, basic food stuffs, children's clothing and children's footwear.
  • Good and services subject to VAT at the reduced rate of 5%

  Note:
  We are unable to advise which VAT rate you should apply in specific circumstances. If you are unsure, please confirm the correct VAT rate with HMRC either by phone or by consulting the relevant guidance on the HMRC website, http://www.hmrc.gov.uk

  This article only applies to the Standard VAT scheme. If you are using the VAT Cash Accounting scheme, please contact us.

  To change the VAT rate in Sage Accounts

  To change the standard rate of VAT in Sage Accounts, you should edit the standard rated tax code, T1 by default.
  Note: You should make this change on 1 December 2008.

  1. Open the Settings menu, choose Configuration then click the Tax Codes tab.

     Sage Accounts v9 and below - Open the Settings menu then choose Tax Codes.

     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. Enter 15 in the Rate box then click OK.

     The Edit Tax Codes window closes.

  4. 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 Instant Accounts v14 - Click Save then click Close.

  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.

   

  » DOWNLOAD VAT CHANGES FOR SAGE 50 (PDF)