To define a percentage rate for a VAT type

The procedure to define a percentage rate for a VAT type is as follows:

1. Navigate to Quick Menu > System > Configuration > VAT Types. The VAT Details window is displayed.
2. Type the first few characters of the VAT type name into the Search VAT Type field provided, or expand the VAT classifications - Fully Recoverable, Non Recoverable or Part Recoverable - to reveal the linked VAT types. Select the desired VAT type from the filtered list 1. Alternatively, click on New VAT Type to create a new parameter value. This requisite step is covered separately in the topic To define a VAT type parameter value.
3. Click on New VAT Rate. The VAT Rate window is displayed.
4. Enter the VAT rate as a percentage into the field provided. The Up and Down arrows are available to increment or decrement the value, as required.
5. Choose an Effective from date for this VAT rate i.e. the date on which it came into effect 2.
6. Choose an Effective to date if the VAT rate is to be reviewed on a specific date or to capture a change of circumstances; a blank field means the VAT rate will never expire.
7. Click on Confirm 3. The new percentage rate for the VAT type is displayed in the summary table.
8. Click on Save 4.

Note

1 The Search VAT Type field will match against any element of the VAT description.

2 The Effective from date defaults to the current system date and cannot be left blank.

3 Changes to VAT rates will not be applied retrospectively to costing and invoice transactions already held on the system.

4 Only one percentage rate can be effective for an individual VAT type at any one time; where overlapping Effective from and Effective to dates are detected, the user will be asked to amend the values accordingly.

See related topics...

System parameters overview

To define a VAT type parameter value