How To Change Vat Rates in Sage 200 And Sage 50 for 2010?

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UK and Ireland Standard vat rates has been changed from 1st January, 2010, that’s why you have to change both vat rates in sage 200 and sage 50. UK vat rate increases from 15% to 17.5% and Ireland vat rate decrease from 21.5% to 21%. You can change very easy and fast with some instructions. Before the changes you will need to some information. Get all vat rate changes process for in Sage 200 and Sage 50 here.

Follow below step to change vat rates for sage 200 & 50:

In Sage Accounts, the T1 tax code’s VAT rate should be changed from the old rate of 21.5% to the new rate of 21%

1, From within Sage, Select the Settings – Configuration menu option.

How To Change Vat Rates in Sage 200 And Sage 50 for 2010?

2, Select the Tax Codes tab.

3, The Tax Codes tab opens. This shows the current VAT codes and their rates. From the list of tax codes, select T1, and then click Edit.

4, The Edit Tax Code window opens. In the Rate field, change the rate to 21.00, and then click OK to apply the rate.

5, Click Apply and then Close.

To change the standard rate of VAT you will need to do the following:

Accounting System Manager
Settings
Tax Rates
Edit the Standard tax code to 21%

Notes: The Following goods info is not affected by change vat rate.

Zero rated goods, such as basic foodstuffs, children clothing and children footwear and oral medicines, and goods and services subject to VAT at the 13.5% rate such as catering, new houses, construction services and solid fuel are not affected by the change.
Good and services subject to VAT at the reduced rate of 5%

If you are unsure, please confirm the correct VAT rate with HMRC either by phone or by consulting the relevant guidance on the HMRC website.

Sometimes if you need to make credit invoices at the old vat rate, then you should produce a new tax code at the old rate of VAT. For this process you can follow below steps.