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- Subject: UK. VAT
- From: Paddy Walker <..hidden..>
- Date: Thu, 05 Jan 2012 10:21:48 +0000
Thank you Havard & Erik fo your prompt replies.
The current UK.rates are Standard 20%, Reduced 5%, Zero 0%
I went into System->Chart of Accounts->Add Accounts and added three new
accounts VAT.(Standard rate) : 2201, VAT.(Reduced rate) : 2206 &
VAT.(Zero rate) : 2207. Account type Liability. All four tax check boxes
I then went into system->Taxes. I entered the appropriate finishing date
(31/12/10) for the old 17.55 & 5% rates. I added the appropriate rates
for my new Standard, Reduced and Zero accounts. I entered the
appropriate account numbers. In the Valid To column I entered 31/12/12
for the new accounts. Ordering column entries are all 0. Tax Rules all
Simple. Update. There are now two blank rows with infinity in the Valid
To column. Save. It acknowledged that it was saved successfully.
I would suggest that VAT. rates are likely to be varied regularly and
therefore the account names shold be non specific.
http://www.hmrc.gov.uk/VAT/forms-rates/index.htm should find you the
I have been guided by paragraph 5, page 23 in the manual. In particular
paragraph 5.1.2 does not work for me.