How do I edit VAT rates?

Summary

This article outlines how alter the rates of V.A.T. in Platinum.

Details

Go to "Systems" -> "Reports & Parameters" -> "Maintenance Options" -> "System Administrator" -> "V.A.T. Parameters".

PLEASE NOTE : If you do not have a "Systems" option go directly to the "Reports & Parameters" option or refer to a person with higher access rights

There are 4 rates of V.A.T. that can be used. They only change with government legislation.

IMPORTANT INFORMATION : The Government has announced that the V.A.T rate will be changing from 1st December 2008 from 17.5% to 15% and will remain at this rate until til 1st January 2010. For more information visit the official page on the government website by clicking the following link

• http://www.hmrc.gov.uk/pbr2008/measure1.htm%7C.

The following parameters can be amended:

• "V.A.T. Returns Frequency : (Quarterly/Monthly/Bi-monthly)"
• "V.A.T. Rates:"
  • Here you can update the V.A.T. rate percentages and descriptions.

Example : To alter the tax rate of V.A.T. rate 1 move to the "V.A.T. Rates :" prompt and change the rate from 17.50% to 15%. This will lower the rate of V.A.T. by 2.5%

There are fields for the V.A.T. 100 start date and Last Period completed these dates are updated by the system.

Other Considerations

• If you have a Custom report generator report (i.e. one that had been written for your needs) that calculates the V.A.T. manually, this report will need to be amended to reflect the new rate. The above WILL not update the report. Please call our software support for further help.

• If you Have more than 1 company on your system (i.e. if there is more than 1 icon in the Platinum folder or on the Desktop to get you in to LIVE - e.g. not a test/training system) the above changes will have to be done per company.

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Keywords AND Misspellings

VAT, V.A.T., rate, rates, Value added tax, changing VAT