How to account for VAT using the Tour Operators Margin scheme

The Tour Operators' Margin Scheme (TOMS) can be used by businesses with an establishment in the UK who buy travel, holidays and certain other services from an EC member state and sell them to a traveller, that is a person rather than a business, in the UK. The scheme was introduced as part of the EC VAT system to provide uniformity for all EC member states.

To create a VAT Adjustments nominal code

1. Open the Company module, from the Links pane click Nominal Ledger then click Record. Sage Accounts v11.xx and below - Open the Nominal Ledger module then click Record.
   The Nominal Record window appears.
   
2. Complete the Nominal Record as follows:
   

• In the N/C box, enter the required nominal code, for example, 4999.

• In the Name box, enter a name for the nominal code, for example, VAT Adjustments. Note: If you are not using the Sage default nominal structure, then you may need to use a different nominal code.
  

3. To save the new nominal code, click Save. Tip: If required, to exit without saving, click Discard then click Close.
   The nominal code is saved and the Nominal Record clears.
   
4. To close the Nominal Record and return to the Nominal Ledger window, click Close.

You have now created a new VAT Adjustments nominal code. You should now change your tax codes to work with TOMS, for further information about this, please refer to the following section.

To set up the new tax codes

Note: If you have already used T3, T6 or T10 for other purposes, please substitute with your own tax codes.

1. Open the Settings menu, choose Configuration, then from the Configuration Editor window, click the Tax Codes tab. Sage Line 50 v9.xx and below - Open the Settings menu then choose Tax Codes.
   The Tax Codes window appears.
   

2. From the Tax Codes list, select the T3 Tax Code then click Edit. The Edit Tax Code window appears.
   
3. In the Rate box enter 0.00, select the Include in VAT return check box then click OK. The Tax Codes window appears.
   Repeat steps 2 and 3 for tax codes T6 and T10.
   
4. To close the Tax Codes window and return to the program desktop, click Apply then click Close. Sage Line 50 v9.xx and below - To close the Tax Codes window and return to the program desktop, click Close.
   

You have now created your new tax codes and Sage Accounts is now ready to calculate VAT using the TOMS.

Tax codes to use when using the TOMS

Use the following tax codes when you enter any income and expenditure transactions under the TOMS:

• Use T0 for zero rated items.

• Use T1 for standard rated items not associated with Margin Scheme Supplies.

• Use T2 for exempt items.

• Use T3 for standard-rated SALES ONLY associated with Margin Scheme Supplies.

• Use T4 for EC Sales.

• Use T5 for reduced rate items not associated with Margin Scheme Supplies.

• Use T6 for the Annual year end adjustment.

• Use T7 for zero rated purchases from suppliers in the EC. Please note that this article can only be used when all of your supplies are liable for VAT at the same rate. This tax code should only be used for zero rated supplies that are not included in the TOMS.

• Use T8 for standard rated purchases from suppliers in the EC that are not associated with Margin Scheme Supplies.

• Use T9 for items which are not to be included in the VAT Return.
  
  
• Use T10 for standard rated purchases, which are classed under Margin Scheme Supplies. If you have received an invoice, which includes VAT, enter the gross amount in the Net column and leave the VAT box as zero.
  
  
• Use T22 for the sale of services to customers in the EC.
  
  
• Use T23 for the purchase of zero rated or exempt services from suppliers in the EC.
  
  
• Use T24 for the purchase of standard rated services from suppliers in the EC.
  

For example, when entering income transactions relating to the scheme such as sales invoices for standard rated sales, enter the gross value of the invoice in the net column with a tax code of T3 and zero in the VAT column. The amount of VAT cannot be calculated at this stage, so it is entered as zero.
When entering expenditure transactions relating to the scheme such as purchase invoices for standard rated purchases, enter the gross value of the invoice in the net column with the tax code of T10 and zero in the VAT column.

To use TOMS for the first time

If you have just registered for VAT or have just started to make margin scheme supplies, you must work out a provisional margin percentage to use during your first financial year. This may be based on any of the following:

• Previous trading figures
• Projected costings and margins
• Actual quarterly figures during the first year

Whatever method you choose, the Simplified End-Of-Year annual adjustment will correct any underpayment or overpayment of VAT arising during the first year.
The provisional adjustment will be on a quarterly or monthly basis, depending on the periods used for your VAT Returns.
Before making any adjustment you must print out your Sage VAT Return and label it 'Before Adjustment'. After making your adjustment you must print out your Sage Accounts VAT Return and label it 'After Adjustment'.

Simplified End-Of-Year Calculation Method (Annual Adjustment)

You should use this method to calculate the percentage used in the Simplified Provisional Margin Calculation Method in subsequent financial years. The Simplified Provisional Margin Calculation Method is then used to calculate provisional VAT on the monthly or quarterly VAT Returns in subsequent financial years. However as the monthly or quarterly VAT Returns during the year are only calculated on a provisional basis, a year end VAT adjustment is required, which is payable or deductible on the next VAT Return immediately following the financial year end. For this annual adjustment the Simplified End-Of-Year Calculation Method is used.
Part of the procedure outlined below is based on the standard VAT Returns produced within Sage Accounts for the previous financial year.

If you did not produce your previous VAT Returns in Sage Accounts then please disregard step 1 and obtain the relevant figures for step 2 from your previous system.

1. To assist with the year end calculations you need to obtain copies of the VAT Returns produced for the whole of the previous year. These consist of the following:
   
   a) The VAT Returns before any TOMS adjustments have been made. These should be labelled 'Before Adjustments'.
   
   b) The VAT Returns after any TOMS adjustments have been made. These should be labelled 'After Adjustments'. For example, if you previously produced monthly VAT Returns you should have 24 reports, if you produced quarterly VAT Returns then you should have 8 reports.
   
   
2. Using the VAT Returns before any TOMS adjustments have been made, those from step 1a, obtain the following values and apply them to Section 10 of VAT Notice 709/5.
   
   a) Total the VAT inclusive selling price of your margin scheme sales supplied during the financial year. That is the total value of sales under tax code T3.
   
   From each of the VAT Returns add together the values under tax code T3 on box 6
   
   b) The total of the VAT inclusive purchase prices of the designated travel services included in the total at (a). That is the total value of purchases under tax code T10.
   
   From each of the VAT Returns add together the values under tax code T10 on box 7
   
   
3. Using the VAT Returns after any adjustments, those from step 1b, calculate the provisional output (Sales) VAT that has been accounted for during that financial year. Add together the VAT elements under tax code T3 on box 1 from each of the VAT Returns. This value is then also applied to Section 10 of VAT Notice 709/5.
   
   
4. From the calculations in Section 10 the yearly VAT adjustment which is payable or deductible on the next VAT Return in your new financial year is worked out. If the amount is positive this is the amount of VAT payable. If the amount is negative then this is the amount of VAT deductible.
   
   
5. The VAT payable or deductible calculated above should be included on the first VAT Return of the new financial year. This is achieved by posting two transactions to the Customer VAT House Account, using the VAT Adjustments nominal code 4999 and dating the transaction within the current VAT period.

Now you have calculated the amount of VAT that has to be adjusted for the previous financial year, to find out how to enter the amount payable or deductible, please refer to the following sections.

To enter the year end adjustment when the VAT amount due is payable

To enter the amount of VAT payable you must:

• Enter a sales invoice onto the VAT House Account, using the nominal code 4999. This has a net amount of zero, the T6 tax code and the amount of the adjustment in the VAT column.
• Enter a sales credit onto the VAT House Account, using the nominal code 4999. This has a net amount of the adjustment, the T6 tax code and VAT amount of zero.

To post the sales invoice

1. Open the Customers module then from the Links pane click Batch Invoice. Sage Accounts v11.xx and below - Open the Customers module then click Invoice.
   The Batch Customer Invoices window appears.
   
2. Enter the required information in the boxes provided to record the invoice, for example, to post a £150 adjustment:
   

A/C	Date	N/C	Details	Net	T/C	VAT
House	Current VAT period	4999	VAT adjustment	0.00	T6	150.00

3. To post the invoice, click Save. Tip: If required, to exit without saving, click Discard then click Close.
   The invoice is posted and the Batch Customer Invoices window clears.
   
4. To close the Batch Customer Invoices window and return to the Customers window, click Close.

You have successfully posted the sales invoice to record the VAT adjustment and now need to post the sales credit.

To post the sales credit

1. Open the Customers module then from the Links pane click Batch Credit. Sage Accounts v11.xx and below - Open the Customers module then click Credit.
   The Batch Customer Credits window appears
   
2. Enter the required information in the boxes provided to record the credit, for example, to post a £150 adjustment:

A/C	Date	N/C	Details	Net	T/C	VAT
House	Current VAT period	4999	VAT adjustment	150.00	T6	0.00

3. To post the credit, click Save. Tip: If required, to exit without saving, click Discard then click Close.
   The credit is posted and the Batch Customer Credits window clears.
   
4. To close the Batch Customer Credits window and return to the Customers window, click Close.

You have now posted the sales credit to record the VAT adjustment.

To enter the year end adjustment when the VAT amount due is deductible

To enter the amount of VAT deductible you must:

• Enter a sales invoice onto the VAT House Account, using the nominal code 4999, a net amount of the VAT adjustment, the T6 tax code and zero in the VAT column.
• Enter a sales credit onto the VAT House Account, using the nominal code 4999, a net amount of zero, the T6 tax code and the VAT amount of the VAT adjustment.

 

To post the sales invoice

1. Open the Customers module then from the Links pane click Batch Invoice. Sage Accounts v11.xx and below - Open the Customers module then click Invoice.
   The Batch Customer Invoices window appears.
   
2. Enter the required information into the boxes provided to record the invoice, for example, to post a £150 adjustment:

A/C	Date	N/C	Details	Net	T/C	VAT
House	Current VAT period	4999	VAT adjustment	150.00	T6	0.00

3. To post the invoice, click Save. Tip: If required, to exit without saving, click Discard then click Close.
   The invoice is posted and the Batch Customer Invoices window clears.
   
4. To close the Batch Customer Invoices window and return to the Customers window, click Close.

You have successfully posted the sales invoice to record the VAT adjustment and now need to post the sales credit.

To post the sales credit

1. Open the Customers module then from the Links pane click Batch Credit. Sage Accounts v11.xx and below - Open the Customers module then click Credit.
   The Batch Customer Credits window appears.
   
2. Enter the required information into the boxes provided to record the credit, for example, to post a £150 adjustment:

A/C	Date	N/C	Details	Net	T/C	VAT
House	Current VAT period	4999	VAT adjustment	0.00	T6	150.00

3. To post the credit, click Save. Tip: If required, to exit without saving, click Discard then click Close.
   The credit is posted and the Batch Customer Credits window clears.
   
4. To close the Batch Customer Credits window and return to the Customers window, click Close.

You have now posted the sales credit to record the VAT adjustment.

Simplified Provisional Margin Calculation for the following financial year

When the Simplified End-of-Year Calculation Method has been used for the previous financial year then this percentage method can be used to provisionally adjust the VAT during the subsequent years. After this provisional method has been used for the next financial year, the simplified end of year method must still be used at the next year end to calculate any final adjustments.

 

To calculate the provisional amount of VAT to be adjusted during the next years VAT periods

Produce a Sage VAT Return for the period you are reconciling and label the printout 'Before Adjustments'. This print out will be used in the Simplified End-of-Year Calculation Method to establish any final adjustments to be made at the year end.

1. Figures obtained in the previous Simplified End-of-Year Calculation Method can be applied to Section 11 of VAT Notice 709/5 to calculate the percentage adjustment value.
   
   
2. Use the Sage VAT Return produced in step 1 above to calculate the 'Total VAT-inclusive selling price of your margin scheme sales supplied during the financial year'. That is, the total value of sales used under Tax Code T3 on Box 6. This value is then also applied to Section 11 of VAT Notice 709/5 to give the provisional TOMS adjustment to be accounted for the prescribed accounting period.
   
   
3. To adjust the amount of VAT, post a sales invoice to the VAT House Account using nominal code 4999 with the net amount of the VAT adjustment, tax code T3 and zero in the Net column. Then enter a sales credit onto the VAT House Account using the nominal code 4999 with a VAT amount of zero, tax code T3 and VAT amount of the VAT adjustment. Allocate the credit note against the invoice through the Customer Receipts option within the Bank module.

To post the sales invoice

1. Open the Customers module then from the Links pane click Batch Invoice. Sage Accounts v11.xx and below - Open the Customers module then click Invoice.
   The Batch Customer Invoices window appears.
   
2. Enter the required information into the boxes provided to record the invoice, for example, to post a £268.09 adjustment:

A/C	Date	N/C	Details	Net	T/C	VAT
House	Current VAT period	4999	VAT adjustment	0.00	T3	268.09

3. To post the invoice, click Save. Tip: If required, to exit without saving, click Discard then click Close.
   The invoice is posted and the Batch Customer Invoices window clears.
   
4. To close the Batch Customer Invoices window and return to the Customers window, click Close.

You have successfully posted the customer invoice to record the VAT adjustment, you now need to post the customer credit.

 

To post the sales credit

1. Open the Customers module then from the Links pane click Batch Credit. Sage Accounts v11.xx and below - Open the Customers module then click Credit.
   The Batch Customer Credits window appears.
   
2. Enter the following details in the boxes provided to record the credit, for example, to post a £268.09 adjustment:

A/C	Date	N/C	Details	Net	T/C	VAT
House	Current VAT period	4999	VAT adjustment	268.09	T3	0.00

3. To post the credit, click Save. Tip: If required, to exit without saving, click Discard then click Close.
   The credit is posted and the Batch Customer Credits window clears.
   
4. To close the Batch Customer Credits window and return to the Customers window, click Close.

You have now posted a customer credit for the VAT adjustment, and should now allocate the credit note to the invoice. For further information about this, please press F1 to open the Help system.
Now that the amount of VAT has been provisionally adjusted for the period you should take a backup of your data and label it 'After Year End VAT Adjustment'. Reproduce the Sage VAT Return for the period you are reconciling and label the print out 'After Adjustments'. This print out will be used when calculating the Simplified End-of-Year Annual Adjustment. You have now adjusted the VAT for the period on a provisional basis.

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Posted in: margin scheme,tour operators

How to account for VAT using the Margin scheme for second hand goods

VAT is normally charged on the full value of goods sold, but for second hand goods, such as cars, works of art, antiques and collectors items, your output VAT is calculated on the difference between the selling price and the purchase price of the goods. This is referred to as the Gross Margin.

To create a product record for goods included in the VAT Margin scheme

1. Open the Products module then click Record. The Product Record window appears displaying the Details tab.
   
2. Complete the Product Record window as follows:

• In the Product Code box, enter the product code to be used for the item.

• In the Description box, enter the description for the item.

• In the Supplier Account box, enter the supplier's account reference.

• In the Tax Code box enter T9.

• Enter other relevant information as required.

3. To save the Product Record, click Save, or if required, to exit without saving, click Discard. The product record is created and the information clears.
   
4. To close the Product Record window and return to the Products window, click Close. The Products window appears.
   

You have now created a product record, and must record the purchase of the relevant item by posting an adjustment in. For further information about this, please refer to the following section.

To adjust in goods included in the Margin scheme

1. Open the Products module then click In. The Stock Adjustments In window appears.
   
2. Enter the required information on the Stock Adjustments In window to record the purchase of the item. For example, to record a stock adjustment in for one car valued at £1000.

Prod Code	Details	Date	Ref	Qty	Cost Price	Sales Price	On order	Free
CAR	Product desc	Date of purchase	Ref	1	1000.00	Product Record sales price	Amount on order	Qty available in stock

3. To post the adjustment in, click Save. The adjustment in is posted and the Adjustment In window clears.
   
4. To close the Adjustments In window and return to the Products window, click Close. The Products window appears.
   

You have now recorded an adjustment for the purchase of the second hand car. This transaction has not updated your accounts data. To do this you must post either a supplier invoice or bank payment using the non-vatable tax code, which is by default T9. For further information about posting supplier invoices or bank payments, please press F1 to open the Help system.
When you are ready to record the sale of this car, please refer to the following section.

To create a product invoice to record the sale of an item included in the Margin scheme

1. Open the Customers module, from the links pane, select Invoice List then click New/Edit. From the Type drop-down list choose Invoice, from the Format drop-down list choose Product then complete the Product Invoice as follows: Open the Invoicing module then click New/Edit. From the Type drop-down list choose Invoice, from the Format drop-down list choose Product then complete the Product Invoice as follows:
   

• Enter the date of sale and customer account reference in the boxes provided. Note: If an account has not been set up for the customer you must create one now. For further information about creating a new Customer Record, to open the Help system, press F1.
  
• In the boxes provided enter the product code, a quantity of 1, the tax code as T9, and the relevant selling price. Tip: To open the Product Item Line to display the tax code, press F3.
  

2. To save the information on the Product Item Line, click OK. The Product Invoice window appears.
   
3. To save the Product Invoice, click Save. The Product Invoice is saved and the Product Invoice window clears.
   
4. To return to the Invoicing window, click Close. The Invoicing window appears.
   
   

   To use the Output tax reports to calculate VAT due on items included in the Margin scheme

   When using the VAT Margin scheme, to ensure the correct VAT is recorded, and paid, you must:
   
5. Run the relevant Output tax reports.
6. Once you have obtained the VAT figures, you can either manually add them to the box 1 and 4 figures on the VAT Return produced by Sage Accounts, or you can post a journal to add the box 1 figure into your VAT Return the next time it is calculated.
   
   Sage 50 Accounts 2008 and above - Box 6 and 7 can be corrected by postings adjustments.
   
7. The Output tax reports also show the gross sales and gross costs for each month. These figures are used to manually correct the box 6 and 7 figures on the VAT Return produced by Sage Accounts.

For further information about these options, please refer to the following sections.

To run the Output Tax reports

Note: The Output tax reports calculate the total sales, total purchases and any output tax due on second hand goods for the specified period. There are 12 monthly reports. If you are calculating your VAT for more than one month you must run the relevant reports for the period, then add the figures together to produce your output tax due for the VAT period.

1. Open the Company module, from the Links pane select Financial Reports then click Reports. Sage Accounts v11 and below - Open the Financials module then click Reports.
   The Financial Reports window appears.
   
2. Select the Output tax report for the relevant month, set the Output to Print, then click Generate Report. The Criteria window appears.
   
3. In the boxes provided, enter the required stock code and stock category range, then click OK. The Print window appears.
   
4. Complete the Print window as required then click OK. The Output tax report for the selected month prints.
   Repeat steps 2 - 4 for any other months in your VAT quarter.
   Note: If you have sold goods included in the Margin scheme at a loss you are not entitled to offset the loss against the profit you make on other goods.
   
   

   To post a journal to record the VAT to be paid on your next VAT Return

   Note: In this example, the Output tax report calculates VAT to be paid to the HMRC as £150.00. This journal also updates the Sales nominal code that was used when the car was sold. If you produce monthly management reports, you should post this journal on a monthly basis before printing your management reports. Otherwise, they can be posted at the end of each VAT period.
   
5. Open the Company module then from the Tasks pane, select New Journal. Sage Accounts v11 and below - Open the Nominal Ledger module then click Journals.
   The Nominal Ledger Journals window appears.
   
6. Enter the date and reference for the journal, then enter the relevant details to record the output tax, for example:
   
   

   N/C	Name	Dept	Details	TC	Debit	Crebit
   2200	Sales Tax Control Account	0	VAT Liability	T1		150.00
   Sales nominal code	Sales nominal code	0	VAT Liability	T9	150.00

7. To post the journal, click Save. The journal posts and the Nominal Ledger Journals window clears.
   
8. To close the Nominal Ledger Journals window and return to the Nominal Ledger window click Close. The Nominal Ledger window appears.
   

You have now posted the journals to move the VAT amount from the original Sales nominal code to the Sales Tax Control Account. The next time you run your VAT Return this amount appears in box 1.

To manually correct the box 6 and 7 figures

Sage 50 Accounts 2008 and above - Box 6 and 7 can be corrected by postings adjustments. 
Box 6 - To correct the box 6 figure, please follow the steps below:

• Calculate the net sales figure for the month by subtracting the VAT on Profit figure from the Sales figure.
• Add together the net sales figures for all of the relevant months.
• Add the total net sales figure balance to the automatically calculated value in box 6.

Box 7 - To correct the box 7 figure, please follow the steps below:

• Add together the costs figures for each of the relevant Output Tax reports.
• Add the total costs to the automatically calculated value in box 7.

You have now recorded the VAT to be paid on second hand goods in Sage Accounts.

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Posted in: marginal scheme,second hands goods

Sage P11D 2011 now available

Legislation and other changes applicable from 6th April 2010

High Rate tax percentage increased to 50% (incl. PSA report)Company car fuel legislation rates updatedCompany car legislation rates updatedCompany car fuel benefit charge appropriate percentage is increased to £18,000Company car appropriate percentage for electric cars down to 0%Removal of list price limit of £80,000Electric vans are now included with a separate charge of £0Fuel benefit charge is increased to £550Official rate of interest for loans made in pound sterling is reduced to 4%Official rate of interest for accommodation benefits who cost exceeds £75,000 is reduced to 4%P11D, P9D, P11D(b) and P46(Car) forms updated and approved by HMRC for 2010/11 tax yearInternet Submission schema rules updated for 2010/2011 tax year

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Posted in: available

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SageCover Extra includes all the benefits of SageCover plus more. It's a truly premium support service - giving you priority access to our experts & ensuring your software is always up-to-date with the latest version & legislation changes.

Free Software Upgrades
As a SageCover Extra customer we'll send you the latest version of your software as soon as it's released - free of charge. You can download & install it straight away, making sure that your software is completely up-to-date, legislatively compliant and that you'll be among the first to take advantage of all the new features and benefits.

Remote Support Direct to your screen - New! (Sage 50 Accounts SageCover Extra customers only)
Now, when you call us for support, our technicians can remotely access your PC and walk you through what needs to be done & answer your queries quickly and easily.

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Login to view demonstrations of our software online by our expert technicians, covering a range of the most popular topics chosen by you - helping you to make the most of your software.

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Sage 50 Accounts & Sage 50 Payroll users can access our Sage Health & Safety Advice service.  You'll be able to access online guidance including over 1,000 common procedures, step-by-step guides, letters, policies and forms for you to use in your business.

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Free Reports for your business
Sage 50 Accounts customers can request three customised reports per year, and Sage 50 Payroll customers can download our three most popular specialised reports per year. Plus, all SageCover Extra members get our most popular report free of charge every month.

Even more savings
As a SageCover Extra member we want to offer you the very best deals on our software and services.   You can get 10% off any of our Sage Stationery range and 20% off your first Customised Stationery order. Plus, Sage 50 Accounts users get 30% off additional users & companies and Sage 50 Payroll users get 20% off additional users, companies & employees.

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Posted in: Cover

Sage 50 ODBC Explorer

Sage 50 ODBC Explorer

This FREE tool will allow you to access and extract information from any Sage table. If you are proficient in SQL you can extract exactly the data you need. If not simply double click any of the listed Sage tables to view all of the data.

The ODBC explorer allows you to export Sage data to MS Excel or CSV format.

You can get your copy by sending a blank email to this address

If you want SQL training then please contact me.

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Posted in: Explorer

Sage 50 to mySQL

I am getting alot of requests lately in exporting data from Sage to mySQL as an automatic process. I now have a beta running and would like to invite anyone who needs this functionality to please get in touch. This will extract all Sage 50 data on a schedule you determine. This will enable you to export the data to either a local/network or even Internet hosted copy of mySQL.

The reason for doing this is two-fold;

I have customers with large datasets starting to encounter performance issues (they are on the verge of outgrowing Sage 50)

There were customers having issues getting the server part of the Sage 50 for iPhone solution configured. Now there will be a central secure repository (at remotediscovery.com) where this application will export your data and the iphone app will connect to this site with your credentials to allow you to view your Sage data on the go.

Of course with the data in a full relational database there are all sorts of possibilites in terms of integration/customisation!

Just send an email to mysqlbeta at domorewith.com

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Posted in: mySQL

Sage mySQL no more…

For those of you that we aware Sage have been working on a version of Sage 50 which uses the open, standard database engine, mySQL, codenamed Sage 100. This was a supposed to improve performance for those customers running large volumes of data through Sage 50 (yes I know who you are…..I’ve seen those 7000 customers on your sales ledger ) but a very recent announcement from Sage has stated that development has stopped.

Reasons aren’t entirely clear, my thinking was that if it didnt offer the ability to talk the database across the WAN (i.e. Internet) as well as the LAN then its not *that* much of a forward leap. My experience is that customers move from Sage 50 not due to data volumes but for functionality, things like multi-location stock.

Of course this isn’t the first time they’ve done a U-turn, last year the very poor and buggy Sage Live was almost drowned at birth. The SaaS offering never really got started before being shelved and allowing all the SaaS boys to further strengthen their offerings and increase market share.

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Posted in: mySQL