Sage Line 50 tutorial is designed for book-keeping software, in this blog we will teach you how to use this software. In sage line 50 blog you will learn about how to install and operate Sage Line 50 and how to install on network.

How to use Sage VAT Codes

Sage suggests the following attributions for VAT tax code to use:

T0 zero rated transactions
T1 standard rate
T2 exempt transactions
T4 sales to customers in EC*
T5 lower rate
T7 zero-rated purchases from suppliers in EC**
T8 standard-rated purchases from suppliers in EC**
T9 transactions not involving VAT***

* This tax code can be used for VAT-registered customers outside of the UK but within the EC. You must have the customer's VAT registration number entered on the customer record if you want to use the T4 tax code. If your customer is not VAT-registered, then you should use one of the standard UK VAT rates.

** These tax codes can be used for suppliers outside of the UK but within the EC. In accordance with VAT regulations, EC VAT rate codes used for purchases are given a 'notional' rate that is linked to a UK VAT Rate. For example, Instant Accounts's T8 rate for standard rated purchases from suppliers in the EC is linked to T1, which is the standard rate of VAT in the UK.

*** These transactions are not included on the VAT Return. Instant Accounts also uses T9 as the default tax code for all the routines that are non-vatable, e.g. journal entries and error corrections. If you want to change the function of T9, you will need to set up another tax code that is non-vatable, for Instant Accounts to use for these routines.

7 comments:

Anonymous said...

Could someone please tell me how to set up the VAT code for 15% vat currently using T1 as standard and T9 as none vat paying thankyou

Jawaan said...

please try this post

http://sageline50.blogspot.com/2008/11/how-to-account-for-decrease-in-standard.html

Unknown said...

This TAX code can be used for VAT-registered customers outside of the UAE but within the GCC. We are serving one VAT software for your business brand feel free please contact us mail@vat-software.com

Anonymous said...

Really nice blog with such a great thing, to be shared. I thank you very much for sharing such a great thought to us.

Invoicing Software in UAE

MapleHillOutsourcing said...

Your blog is excellent and detailed. Thanks for sharing this information. You can keep in touch with them via VAT Returns Services toll-free number +44 20 3627 1872. To have more support, you can visit our site:- VAT Returns UK 
VAT Returns Services 

taxwelluk said...

Your information is very detailed and useful to me, thank you for sharing. I hope you will always be up to date.
Vat return in barking

Aaaaccounting said...

This blog is very helpful for me. Thanks for sharing this information with us.
accounts in barking

Post a Comment

you can leave your view and comments

Twitter Delicious Facebook Digg Stumbleupon Favorites More

 
Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | JCpenney Printable Coupons