Difference between revisions of "How do I credit items sold at a previous V.A.T. rate?"
From Catalyst
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* Current HMRC guidance given to us and to some of our customers states that credit notes for vat-able items sold before 1st January 2010 should be raised with V.A.T. at 15%, i.e. the rate prevailing at the time of the invoice.}} | * Current HMRC guidance given to us and to some of our customers states that credit notes for vat-able items sold before 1st January 2010 should be raised with V.A.T. at 15%, i.e. the rate prevailing at the time of the invoice.}} | ||
+ | {{Warning|title=Republic Of Ireland Customers|text= | ||
+ | * We understand that the same situation as for UK customers also applies in ROI, i.e. anything sold before 1st January 2010 at 21.5% should be credited at 21.5%. Please check the Revenue website or with your accountant for the definitive situation. The information given below will apply in the same way.}} | ||
== More Information == | == More Information == |
Revision as of 22:49, 15 December 2009
Summary
This article explains how to raise a credit note for items sold prior to the change in VAT rate.
United Kingdom Customers:
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Republic Of Ireland Customers:
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More Information
Considerations
- Check that the goods were sold prior to 1st January 2010.
- If you have changed your retail prices, you will need to know the price you charged first time around.
Process
- Once you have decided that you need to credit the goods, you must exit from your current option back to a menu. For example, this should be the "Parts Counter" menu, or the "Stock Control" menu or the "Workshop menu", or "Vehicle Sales" menu.
- From the menu, press <Alt+V> to confirm that you wish to temporarily change your V.A.T. rate to the old rate.
- Go back to the relevant programme and raise the credit note.
- Once you have completed the credit note, you must exit from your current option back to a menu as before.
- Your V.A.T. rate will now be reset to current V.A.T. rate.
- Carry on working as normal.
See also