From the 1st of December, the VAT rate for businesses is has changed from 17.5% to 15%. Sage have published a rather useful PDF which details the changes. This is a simple guide to help you through these changes.
To change the VAT rate from 17.5% to 15% in Sage Instant Accounts:
1. Open Up Sage Accounts.
2. From the Menu, Select "Settings", and then "Configuration"
3. In the Configuration menu, select the "Tax Codes Tab" and then Select T1 (or your standard Tax Code), and Click "Edit"
4. In the "Rate" box, change this from 17.50 to 15.00 and Click OK.
Your VAT code is now changed - make sure you don't change this before the 1st of December!
Notes:
We have done this guide on Sage Instant v12, whilst the older and newer versions of Sage are very similar there may be small differences - If in doubt, please contact your accountant.
