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VAT Code Information window - VAT Type view

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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.