VAT Code |
Use up to three characters to enter a code for the VAT record you're creating. Each time you enter a transaction in the Sales or Purchases window, you'll be able use this VAT code to assign this VAT to the transaction you're creating. |
Description |
Enter a description for the VAT code you've entered. We recommend that your description be short and easy to remember. |
VAT Type |
Select the VAT type that applies to the VAT code you're creating. In Accounting Plus, there are three VAT types: VAT - This VAT type is associated with the standard rate set by the Government, which is currently 17.5%. However, some goods and services attract different VAT rates. For example, most foodstuffs are charged at 0%. Note: If the VAT Code is N-T (No Tax), the VAT Type is VAT by default. VAT - EC PURCHASES - This VAT type is associated with the VAT used when making a purchase that conforms to Customs & Excise rules governing intra-EC supplies. The VAT Rate is set to 0%, as you are not charged VAT on the purchase. However, the amount of VAT you WOULD HAVE PAID had you purchased in the UK, will appear on your VAT reports. VAT - EC SALES - This VAT type is associated with the VAT used when making a sale that conforms to Customs & Excise rules governing intra-EC sales. No VAT amount will be tracked on the sale. The VAT Rate and EC Reported Rate are set to 0%, as you are not collecting VAT on the sale. |
Rate |
Enter the percentage of VAT that is associated with the VAT code you're creating. |
Linked Account for VAT Collected |
Enter the account you wish to use to track theVAT you collect from customers. This account typically is a liability account. |
Linked Account for VAT Paid |
Enter the account you wish to use to track theVAT you pay to suppliers. This account typically is a liability account. |
Linked Card for VAT Authority |
If you've set up a card for Customs & Excise, enter that card here. |
New button |
Click this button to open a new VAT Code Information window and create a new VAT code. |
OK button |
Click this button to accept the entries you've made in this window. |