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Post Info TOPIC: Sage VAT codes
NA_AA


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Sage VAT codes
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Is there a standard list of VAT codes which are to be used in Sage?



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Thanks, Nadia.
MarkS


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Settings>Configuration>Tax Codes

Common ones to know are

T0 Zero rated

T1 Standard Rated

T2 Exempt

T5 Lower Rate

T9 Outside Scope

These are the default ones but you cant set them to whatever number you want.

Regards

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Stardoe


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MarkS wrote:

Settings>Configuration>Tax Codes

Common ones to know are

T0 Zero rated

T1 Standard Rated

T2 Exempt

T5 Lower Rate

T9 Outside Scope

These are the default ones but you cant set them to whatever number you want.

Regards

MarkS

I think Mark meant you can set them to whatever number you want   smilealthough Sage uses T1 as the default code.

Pauline



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Pauline
Donna CBK


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try settings/configuration / tax codes for a full listing - there is space for up to 99 if you can think of that many

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Donna Curling - Complete Book-Keeping Ltd (CBKLtd) - 07939 101900

Payroll & bookkeeping solutions - info@completebookkeeping.co.uk

www.completebookkeeping.co.uk

IAB Training centre - Ringwood

 
Stardoe


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Donna CBK wrote:

try settings/configuration / tax codes for a full listing - there is space for up to 99 if you can think of that many

 Heaven help us if they think up 99 different rates of VAT, I'm struggling with the ones we have got! 



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Pauline
lesley_123


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Correct me if I'm wrong, but I only tend to use:

T0 Zero Rated P/L and S/L (No VAT)
T1 Standard Rate
T5 5% (Lower Rate) (Insurance PT Electricity, Gas Bills) etc
T9 Outside the scope (Wages/Salaries) etc...

as importantly the VAT codes determine the box numbers figures appear in on the VAT return produced on Sage...

Lesley

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Stardoe


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Hi Lesley,

I also use T2 for exempt items like postage and T0 for items that are taxable but taxed at 0% (pushed to come up with an example at the moment!).

I know this has been the subject of much discussion on here, but I have now taken to using T1 with No VAT for suppliers that are not VAT registered, in the event that they would be taxable supplies if they were registered.

Pauline

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Pauline
semsley


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Hi Lesley

"T5 5% (Lower Rate) (Insurance PT Electricity, Gas Bills)"

Insurance PT is exempt from VAT - the Premium tax should not be confused with VAT and is not reclaimable.

Sheila

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Advice from beyond the grave!!!

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