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Sage VAT codes

Sage VAT codes

Looking at the codes used within Sage and the effect of Mr Darling's announcements yesterday. Currently T1 is the default code for standard rated sales. Are users:-

1) going to change this to 15% from Monday and over-ride the VAT amount for any late invoices OR
2) are users using a spare code (eg: T3) for the temporary 15% rate.

If option 2 is selected how do you get the EC codes T4 and T8 to use the new code for calculating the notional tax.
M T Thorts


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By pnurse
27th Nov 2008 14:47

VAT Changes Sage 200
The answers for Sage 50 are covered elsewhere, however below are the changes needed for Sage 200\MMS

Changing VAT Rates

The easiest way to change the tax rate within Sage200 is to edit the existing tax code.

This can be done within the option ‘Tax Rates’ which can be found within;

• Accounting System Manager
• Settings
• Tax Rates.

Here you will be shown a screen. By clicking % column on a vat code you will be able to change the rate to the correct value.

If you want to identify transactions raised with the new 15% rate it may be a good idea to create one or more new nominal ledger accounts and select these as the input and output account at the time of changeover.

Other Considerations.

• After the first of December.

After the regulation changes you may receive invoices from your supplier dated prior to the vat regulation changes; or be requested to produce a credit note at the 17.5 % rate. In these circumstances you will need to ensure that these transactions are entered with the correct rate of VAT; This may involve changing the rate back to 17.5% temporarily, or alternatively you may want to set up a new vat code with a rate of 17.5% which could be used for these invoice/credit notes.

To do this simply click on the ADD button on the same screen noted above.

Should you create a new Vat Code please ensure it is selected at the point of invoice or Credit entry as the system will still offer the default vat code.

You will also need to change the default VAT code on supplier\customer accounts to reflect any changes made to the VAT Table

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By Anonymous
27th Nov 2008 14:47

How can you have predicted in 1983 the recent VAT rate change - its 25 years!!!

Your software only appears to be available on a 3.5" disk - we don't have any of them. Did you not predict that floppies would become obselete?

Is someone taking the P155.

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27th Nov 2008 13:50

Change of VAT Rate
When I designed the ABC Accounts Book in 1979, and put it onto software in 1983, I anticipated this.

Users of the software program (it's an American term, so it's spelt that way), know that they need to run off the paper copies at 30.11.08, and re-start on 01.12.08 after inputting the new VAT Rate of 15%.

The software is still available from:
ABC Micros Limited
at a cost of a mere £50.

Visit my website: for more knee-trembling excitement in the world of accountancy and taxation, etc

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25th Nov 2008 19:40

Beware if you use the cash-based FRS scheme
I spoke to a business advisor this morning who was fretting about his clients and had been emailing them all with instructions to help them manage their accounting software. He didn't know much about online accounting until we spoke, and was enthralled by the prospect of being able to log on and check that clients have changed their VAT rate setting.

Companies who are on the Flat Rate Scheme and also use cash-based reporting have a particular challenge because they'll need to apply the appropriate flat rate based on a mix invoices that have been paid in the same period but which were raised both before and after the change in VAT rate.

Some software packages will be unable to provide the necessary analysis, which means that businesses and accountants will have to do a lot of manual cross-checking to make sure they report the correct figure to HMRC.

Our users have already been reassured via the in-built messaging system that they see when they log on to e-conomic and we'll have an announcement on the web site news page tomorrow. They simply change their VAT rates and carry on using the system as normal, safe in the knowledge that our VAT reports provide everything needed, even for the tricky cash-based FRS scheme.

Mark Davies

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25th Nov 2008 18:25

On-line Survey
We are running an online survey to ask all our clients, accountant partners and contacts what do they really want to do about the new VAT rate...

Results will be published Friday 10am GMT on our VAT rate information page.

Accounting software packages will need to be upgraded in response to the proposed change. Using "on-demand" web based software means that the changes will magically appear on 1st December, unlike more traditional "on-site" software that will need to be manually upgraded and tested.


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25th Nov 2008 18:03

Have a look at this....
I wrote this to help my customers....

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By Anonymous
25th Nov 2008 14:44

Sage Tax codes
If Sage users change the percentage on their default setting and are using cash accounting it will be possible to set a payment on account at 17.5% against an invoice raised at 15% even though the VAT amounts do not agree.

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By peterjl
25th Nov 2008 14:09

T1 code
I am advising clients to change the T1 code to 15% and the T3 code to 17.5% to catch any late invoices etc.


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By cne333
25th Nov 2008 12:25

Sage VAT codes
Sage guidance recommends changing whichever VAT code is set up to be your default. Usually this is indeed the T1 code of course.

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