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Post Info TOPIC: Sage VAT code confirmation please
lesley_123


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Sage VAT code confirmation please
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Hi All,

After reading a few threads, I'd be greatful for confirmation on the codes used by the majority on here when using Sage.

I'm aware the code used within Sage importantly posts the VAT figures to a specific box on the VAT return and so it's vital it's correct.

I mainly use the following:

T0 For zero rated items (Sales and Parchase Ledger items)

T1 For standard rated items

T5 For reduced rate items (such as Insurance and utilites)

and T9 For wages and salaries, journal entries...

Hope I'm on the right track!?! confuse



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Amanda


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Yes you are correct. Zero Rate is is purchases and sales that are Zero Rated.

The majority of stuff will be standard T1 which should be set at 20%

They are normally set up on default on Sage, it is a new package that you are using or have you taken over from someone?

HTH

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Amanda
lesley_123


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Hi Amanda, and thank you.

I have Sage 50 2012 of which I'm posting three months worth of P/L Invs and receipts to. It's for a new client who's VAT registered.

Thank you for your help



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semsley


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Lesley

As posted in the other thread, Insurance is an exempt supply as far as VAT is concerned.

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Advice from beyond the grave!!!

E&OE
lesley_123


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Thank you Semsley... I haven't seen the other thread... but thank you.

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Amanda


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Forgot to say T2 is for Stamps and exempt supplies.

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Amanda
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