Help with tax codes on Sage

Help with tax codes on Sage

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Hi

I have recently started my own freight forwarding business and am now doing my own accounts after having someone do them for the first few months, and I need a bit of help with tax codes in sage.

As a freight forwarder I book freight coming in and our of Europe which I put under T1, and freight from outside Europe with is zero rated which I put under T0.

Am I also right in thinking that for any import duty & VAT I get charged and also charge out goes under T9?

Any help would be greatly appreciated.

Thanks

Mark

Replies (2)

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By RFL H
24th Oct 2014 18:18

If you use T9

for the import VAT you are being charged Sage will not reclaim it on your VAT return.

Use T1 for that instead.

I think T9 is fine for import duty.

If you are charging a customer VAT you must always use T1 (or it will not be added to your VAT bill and you will be defrauding HMRC).

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By geroge
26th Oct 2014 22:45

T9 simply means the transaction will not touch the VAT return

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