How to account for the decrease in the standard rate of VAT - Standard VAT scheme

From 1 December 2008, the standard rate of VAT will decrease from 17.5% to 15%. This article explains how this change affects Sage Accounts and what you need to do.To change the VAT rate in Sage AccountsNote: You should make this change on 1 December 2008.Open the Settings menu, choose Configuration then click the Tax Codes tab. Sage Accounts v9 and below - Open the Settings menu then choose Tax Codes. The tax code information appears.Select T1 then click Edit.Note: If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.The Edit Tax Code window appears. Enter 15 in the Rate box then click OK. The Edit Tax Codes window closes.To apply the change, and return to the Sage Accounts desktop, click Apply then click Close.Sage Instant Accounts...

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How to account for the decrease in the standard rate of VAT - VAT Cash Accounting

From 1 December 2008, the standard rate of VAT will decrease from 17.5% to 15%. This article explains how this change affects Sage Accounts and what you need to do.This article only applies to the VAT Cash Accounting Scheme.To change the VAT rate in Sage AccountsNote: You should make this change on 1 December 2008. Under the VAT Cash Accounting scheme, the VAT on customer receipts and supplier payments calculates automatically based on the invoice.Open the Settings menu, choose Configuration then click the Tax Codes tab. Sage Accounts v9 and below - Open the Settings menu then choose Tax Codes. The tax code information appears.Select T1 then click Edit.Note: If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.The Edit Tax Code window...

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Posted in: VAT