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Default tax codes - v27.1 and above - Ireland

Created on  | Last modified on 

Summary

This guide lists the default tax codes available in Sage 50cloud Accounts v27.1 and above, when based in the Republic of Ireland.

Description

When you post transactions in Sage 50cloud Accounts, the tax code represents the VAT rate you want to apply to the transaction and also determines if and where the transaction appears on your VAT Return. 

Find out how each tax code affects your VAT Return >

See examples of tax codes to use for common goods and services >

NOTE:  This article relates to Sage 50cloud Accounts v27.1 and above only. For details of tax codes in Sage 50 Accounts and Sage 50cloud Accounts v27.0 and below, read more >

Resolution

There are many VAT rates used in the Republic of Ireland, but don't worry, to save you time, many of these are already set up as default tax codes in your software:

T0Zero rated sales and purchase of goods for resale
T1Standard rated sales and purchase of goods for resale - currently 23%
T2Exempt sales and purchase of goods for resale
T3Reduced rate sales and purchase of goods for resale - currently 13.5%
T4Sales of goods to VAT registered customers in EC
T5Exempt import of goods from suppliers in EC
T6Exempt import of goods from suppliers outside EC
T7Zero rated purchases of goods from suppliers in EC
T8Standard rated purchases of goods from suppliers in EC
T9

Non-Vatable Tax Code

NOTE: If you post any transactions with this tax code, they don't appear on your VAT Return. 

T10Zero rated purchase of goods for non-resale
T11Standard rated purchase of goods for non-resale
T12Exempt purchase of goods for non-resale
T13Reduced rated purchase of goods for non-resale
T14Zero rated export of goods to customers outside EC
T15Exempt import of goods from suppliers in EC
T16Exempt import of goods from suppliers outside EC
T17Zero rated purchases of goods from suppliers in EC
T18Standard rated purchases of goods from suppliers in EC
T19Zero rated purchases of goods from suppliers outside EC
T20EU reverse charge
T21Zero rated purchases of goods from suppliers outside EC
T22Sales of services to VAT registered customers in EC
T23Zero rated purchases of services from suppliers in EC
T24Standard rated purchases of services from suppliers in EC
T25Reduced rated purchases of goods from suppliers in EC
T26Reduced rated purchases of goods from suppliers in EC
T27Second reduced rate sales/purchase of goods for resale
T28Second reduced rate sales/purchase of goods for non-resale
T29Second reduced rated purchases of goods from EC suppliers
T30Second reduced rated purchases of goods from EC suppliers
T31Livestock rate sales and purchase of goods for resale
T32Livestock rate sales and purchase of goods for non-resale
T33Livestock rated purchases of goods from EC suppliers
T34Livestock rated purchases of goods from EC suppliers
T35Flat rate compensation sales/purchase of goods for resale
T36Flat rate compensation sales/purchase of goods non-resale
T37Flat rate compensation purchases of goods from EC suppliers
T38Flat rate compensation purchases of goods from EC suppliers
T39Standard rate ROW import (Resale) Postponed VAT
T40Standard rate ROW import (Non resale) Postponed VAT
T41Zero rate ROW import (Resale) Postponed VAT
T42Zero rate ROW import (Non resale) Postponed VAT
T43Reduced rate ROW import (Resale) Postponed VAT
T44Reduced rate ROW import (Non resale) Postponed VAT
T45Second reduced rate ROW import (Resale) Postponed VAT
T46Second reduced rate ROW import (Non resale) Postponed VAT
T47Livestock rate ROW import (Resale) Postponed VAT
T48Livestock rate ROW import (Non resale) Postponed VAT
T49Flat rate compensation ROW import (Resale) Postponed VAT
T50Flat rate compensation ROW import (Non resale) Postponed VAT

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