Solution Properties
Solution ID:
200427112359364
Last Modified Date:
Wed Nov 06 13:36:16 UTC 2024
Taxonomy Path:
Case category//How do I...//governmental/legislative compliance
Author:
[email protected]
Register for VAT in Sage Accounts - ROI only
Description

If you've just registered for VAT with the Revenue, there are some settings you need to enter in Sage Accounts to ensure VAT applies correctly. These include:

  • Your VAT registration information and VAT scheme.
  • Your tax code settings which are used to calculate the VAT amounts on transactions.

Note: This article ensures VAT applies correctly to transactions posted going forward. For advice on reclaiming VAT for periods prior to registration, please speak to your accountant or the Revenue.

Cause
Resolution

Enter your VAT registration information

    1. On the menu bar click Settings, click Company Preferences, then click VAT.
    2. Under VAT Details, enter the following information:
VAT Reg Enter your VAT registration number from HMRC.
Non-Vatable Tax Code This shows the tax code for transactions that don't involve VAT. We recommend you leave this as T9.
VAT Scheme Click the VAT scheme you're registered for. If your scheme isn't listed, for further information search our help centre.
Validate VAT Number If you want Sage Accounts to check the validity of any VAT registration numbers you enter, select this check box.
  1. Click OK.

 

Check your tax codes

We recommend you use the default tax code settings, although you can amend them if required. To view your tax codes:

  • On the menu bar click Settings, click Configuration then click Tax Codes.

 

Update your customer, supplier and product records

As you enter a transaction, the tax code comes from the relevant customer, supplier or product record. You can change the tax code on each transaction, but it saves you time if your records have the correct settings.

  1. On the navigation bar click Customers or Suppliers, double-click the relevant record, then click Defaults.
  2. In the Default Tax Code drop-down, click the tax code that should apply to this customer or supplier most often. Read more >>
  3. If this tax code will always apply for this record regardless of what's bought or sold, click the Use Default Tax Code for Sales/Purchases check box.
  4. Click Save, then click Close.
  5. Repeat steps 1 to 4 for each customer and supplier.
  6. On the navigation bar click Products and services, then double-click the relevant record.
  7. In the Tax Code drop-down, click the tax code for this product, click Save then click Close.
  8. Repeat steps 6 and 7 for each product.

Tip: To change your default tax codes for multiple records, you can use the batch change option. This option isn't available in Sage 50 Accounts Essentials or Sage Instant Accounts.

Finally, if you have any recurring bank entries, invoices or orders, or memorised invoices, orders or transactions, you should check the tax codes and update if required.

 

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