I would like to run the below past you experienced users of Sage. Am I right in saying the below, please correct me if you see anything wrong or that you do differently. I am just finishing off my computerised course and am trying to get my head around the different codes to use on Sage and which one to select.
T0 - UK Zero items and exports ouside the EU - Socially or Economically important items such as food, books, children's clothes, public transport, newspapers, exports, drugs on prescription, vehicles adapted for the disabled, pedal cycle helmets
T1 - UK Standard rated item (17.5%)
T2 - UK Exempt items - Necessity items such as postage, health and education
T4 - Sales at a zero rate to VAT registered members of the EC
T5 - Reduced rate (currently 5%) such as gas bottles
T7 - Purchases from members of the EC that would be zero rated or exempt in this country - such as buying children's clothes from Germany
T9 - Used for all transactions that are not to be included in the tax return - such as depreciation, wages, bank transfers
T9 - Use this code on all transactions if you are not VAT registered
Have I got it right, I have problems deciding whether an item without VAT is a T0, T2 or T9 so I have been trying to get my head around it as I guess that it is important to use the correct code.
If anyone has any further reading such as a website, I would be grateful - I looked on the HM Revenue & Customs website and Business Link but I couldn't find anything, although maybe I missed something
Just a pointer, when it comes to the exam be careful to check which VAT they are using. When I did mine (ICB) they kept it at 17.5% even though the rate had been 15% for some time. Probably pre written the exams with standard answers for examiners.
Bill
Just spotted on another post that you passed level 2 so don't need the pointer but it's worth others noting. Congrats and well done on passing
-- Edited by Wella on Wednesday 2nd of September 2009 05:07:51 PM
Can I ask how you are studying for your computerised paper? Reason I ask is that I have contacted Sage today and they recommend I run Sage 50 Client Manager but the training alone is over £300 so wondered how other people are training.
I did a distance learning course for the Manual Level 2 Computerised, it cost about £1200 but I know that you can get it cheaper if you shop around. The course that I completed provided the disc that I needed and they used Instant Accounts
If you feel confident self teaching would suggest getting the cheapest sage instant software you can on ebay.
Purchase a few past papers from ICB.
Use the past papers to learn from and google sage forums, if you search for whichever type of transaction you are getting stuck on someone in the past may have asked similar question.
