Summary
Use this wizard to determine the relevant VAT code to use when posting sales or purchase transactions.
Resolution
NOTE: This article is part of a wizard, if required, you can restart at the beginning.
Sage 200 Professional - 2019 Summer to 2020 R1
Create the new VAT code 19:
TIP: To create new VAT code, open the Settings menu within Accounting System Manager and choose VAT Rates.
| VAT code | Description | Name | VAT Return | Terms | % |
| 191 | Import goods - UK Low value import scheme. | Yes | Reverse Charge Purchases (Mobiles) or CIS Reverse Charge Purchases2 | 20.00 |
1 Customers have the flexibility to create their own codes, these are example codes but are what will be used by the latest versions of 200 cloud
2 It is only possible to use the Reverse Charge Purchases (Mobiles) terms against one VAT Code, these termsYou can then post using this new VAT code:
| Which VAT code to use | Use VAT code 19 |
|---|---|
| How this affects the VAT Return | The VAT amount appears in boxes 1 and 4, the net amount of the transaction appears in box 7. |
Sage 200 - 2019 Spring and below
Create the new VAT code 18:
TIP: To create new VAT code, open the Settings menu within Accounting System Manager and choose VAT Rates.
| VAT code | Description | Name | VAT Return | Terms | % |
| 181 | Reverse Charge Purchases | Reverse Charge Purchases | Yes | Reverse Charge Purchases 2 | 20.00 |
1 Customers have the flexibility to create their own codes, these are example codes but are what will be used by the latest versions of 200 cloud
2 It is only possible to use the Reverse Charge Purchases terms against one VAT Code, it will not be possible to create this code if these term exist on an existing code, in these circumstance the existing code will need to also be used for Postponed Accounting and transactions under the Low Value Import Scheme.
You can then post using this new VAT code:
| Which VAT code to use | Use VAT code 18 |
|---|---|
| How this affects the VAT Return | The VAT amount appears in boxes 1 and 4, the net amount of the transaction appears in box 7. |
| This article offers general guidance only. While accurate at the time of publication, it may not suit your specific needs. We make no express or implied warranties. For tailored advice, consult a professional. For VAT, customs, or duties queries, contact HMRC on 0300 200 3700 or visit www.hmrc.gov.uk. We accept no liability for any loss from using this content. VAT or tax codes shown reflect default software settings and may differ in your setup. |
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