Summary
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:
T0 | Zero rated sales and purchase of goods for resale | |
---|---|---|
T1 | Standard rated sales and purchase of goods for resale - currently 23% | |
T2 | Exempt sales and purchase of goods for resale | |
T3 | Reduced rate sales and purchase of goods for resale - currently 13.5% | |
T4 | Sales of goods to VAT registered customers in EC | |
T5 | Exempt import of goods from suppliers in EC | |
T6 | Exempt import of goods from suppliers outside EC | |
T7 | Zero rated purchases of goods from suppliers in EC | |
T8 | Standard rated purchases of goods from suppliers in EC | |
T9 | Non-Vatable Tax Code
| |
T10 | Zero rated purchase of goods for non-resale | |
T11 | Standard rated purchase of goods for non-resale | |
T12 | Exempt purchase of goods for non-resale | |
T13 | Reduced rated purchase of goods for non-resale | |
T14 | Zero rated export of goods to customers outside EC | |
T15 | Exempt import of goods from suppliers in EC | |
T16 | Exempt import of goods from suppliers outside EC | |
T17 | Zero rated purchases of goods from suppliers in EC | |
T18 | Standard rated purchases of goods from suppliers in EC | |
T19 | Zero rated purchases of goods from suppliers outside EC | |
T20 | EU reverse charge | |
T21 | Zero rated purchases of goods from suppliers outside EC | |
T22 | Sales of services to VAT registered customers in EC | |
T23 | Zero rated purchases of services from suppliers in EC | |
T24 | Standard rated purchases of services from suppliers in EC | |
T25 | Reduced rated purchases of goods from suppliers in EC | |
T26 | Reduced rated purchases of goods from suppliers in EC | |
T27 | Second reduced rate sales/purchase of goods for resale | |
T28 | Second reduced rate sales/purchase of goods for non-resale | |
T29 | Second reduced rated purchases of goods from EC suppliers | |
T30 | Second reduced rated purchases of goods from EC suppliers | |
T31 | Livestock rate sales and purchase of goods for resale | |
T32 | Livestock rate sales and purchase of goods for non-resale | |
T33 | Livestock rated purchases of goods from EC suppliers | |
T34 | Livestock rated purchases of goods from EC suppliers | |
T35 | Flat rate compensation sales/purchase of goods for resale | |
T36 | Flat rate compensation sales/purchase of goods non-resale | |
T37 | Flat rate compensation purchases of goods from EC suppliers | |
T38 | Flat rate compensation purchases of goods from EC suppliers | |
T39 | Standard rate ROW import (Resale) Postponed VAT | |
T40 | Standard rate ROW import (Non resale) Postponed VAT | |
T41 | Zero rate ROW import (Resale) Postponed VAT | |
T42 | Zero rate ROW import (Non resale) Postponed VAT | |
T43 | Reduced rate ROW import (Resale) Postponed VAT | |
T44 | Reduced rate ROW import (Non resale) Postponed VAT | |
T45 | Second reduced rate ROW import (Resale) Postponed VAT | |
T46 | Second reduced rate ROW import (Non resale) Postponed VAT | |
T47 | Livestock rate ROW import (Resale) Postponed VAT | |
T48 | Livestock rate ROW import (Non resale) Postponed VAT | |
T49 | Flat rate compensation ROW import (Resale) Postponed VAT | |
T50 | Flat rate compensation ROW import (Non resale) Postponed VAT |