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Changing VAT schemes - Sage 50 Accounts - UK only

Created on  | Last modified on 

Summary

This guide helps you switch between UK VAT schemes in Sage 50 Accounts.

Description

There are four different VAT schemes that you can switch between in Sage 50 Accounts:

  • Standard VAT
  • VAT Cash Accounting
  • Flat Rate VAT - Invoice Based
  • Flat Rate VAT - Cash Based

NOTE: For further information about the schemes themselves, or when you can make a change, please refer to HMRC. If you've just registered for VAT, you can find more information here >

Set up your company with the wrong VAT scheme? We recommend you restore a backup of the data before you started processing or rebuild and enter the transactions again. If this isn't possible you can follow the steps on this article to switch but you must manually calculate your VAT for the incorrect periods.

NOTE: If you use Remote Data Access, you can only change the scheme at the main site.

Resolution

To see a guide on how to switch between different VAT schemes, please answer the questions below:

 

Are you ready for Making Tax Digital?

From April 2022, Making Tax Digital (MTD) applies to all VAT registered businesses. If you're looking for an MTD solution, Sage 50cloud Accounts has what you need.

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