Summary
Description
Sage Accounts calculates VAT using tax codes. Each tax code has a rate associated with it and the VAT calculated based on this rate.
To save you time when posting transactions, use the default tax codes already set up in your software. You can edit any of these tax codes or add your own.
There are 100 tax codes that you can amend the rate and description on. You can also specify if it's a tax code for Ireland or the UK.
Before you proceed any further, check that your computer's regional setting is Ireland and not the UK.
NOTE: This article relates to Sage 50 Accounts and Sage 50 accounts v27.0 and below, follow our alternative article for Sage 50 Accounts v27.1 and above.
Sage default tax codes
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 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 |