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Julie


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Another VAT Question !
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I am currently working on entering manual accounts onto Sage, my client started his year in April08 and has only just become VAT registered (Nov) - cash accounting.  I have entered all taxable purchase invoices and corresponding payments up to the end of November as T1.  However, I am now comming up to the sales invoices - which Tax code do I use ?  T0 or T9 ?? 

Any pointers would be appreciated.

Julie

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abuchafreelance


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Hello! Although you can customize your own VAT codes, here there is a quotation from the Help guide about the default VAT codes:

The Tax Codes Tab

On installation, Sage Line 50 automatically sets up the following VAT Rates for you:

purple_bullet.jpg   T0 zero rated transactions

purple_bullet.jpg   T1 standard rate

purple_bullet.jpg   T2 exempt transactions

purple_bullet.jpg   T4 sales to customers in EC*

purple_bullet.jpg   T5 lower rate

purple_bullet.jpg   T7 zero-rated purchases from suppliers in EC**

purple_bullet.jpg   T8 standard-rated purchases from suppliers in EC**

purple_bullet.jpg   T9 transactions not involving VAT***

I hope this is helpful for you.

Kind regards,

AbuchaFreelance

Bookkeeping Services



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