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Default tax codes in Sage 50cloud Accounts v27.1 and above - Ireland only

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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:

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

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

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