Accounting Plus's VAT Features

Dealing with VAT Overview > Accounting Plus's VAT Features
VAT rates

Most goods and services attract VAT at 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%. See Using Accounting Plus for Intra-EC Trade if you trade with companies in other EC states.

For a full explanation of what VAT rate to use, check with your local VAT Business Advice Centre or your accountant.

Working with VAT

Accounting Plus allows you to define different VAT codes to track different VAT rates. There are four windows where VAT is encountered: Sales, Purchases, Spend Money and Receive Money. Each of these windows has a VAT column on the right hand side, where a VAT code can be selected.

The default VAT code is the one that appears in the VAT column when you begin to enter a transaction line. Be sure the code that appears is the correct one for your current situation. If it is not, Accounting Plus will allow the entry of different VAT codes on each allocation line. For more information, see Why is this the default VAT code?

Click the zoom arrow next to the VAT field to display the VAT Information screen, where you can manually enter a VAT amount for each VAT code.

Click below for the step-by-step procedure:

To set up VAT rates

To change the default VAT code for customer or supplier cards

To change a VAT code on a transaction

To change VAT amounts

Outside The Scope

There are certain transactions that you may need to enter that are described as being 'outside the scope of VAT'. These include such things as payment of VAT to Customs & Excise, and should not appear on your VAT reports.

To prevent a transaction from appearing on the VAT reports, simply enter the N-T VAT code in the VAT column.