How do I edit VAT rates?

Summary

This article outlines how alter the rates of V.A.T. in Platinum.

Details

Go to "Systems" -> "Reports & Parameters" -> "Maintenance Options" -> "System Administrator" -> "V.A.T. Parameters".

PLEASE NOTE : If you do not have a "Systems" option go directly to the "Reports & Parameters" option or refer to a person with higher access rights

There are 4 rates of V.A.T. that can be used. They only change with government legislation, but if an announcement is made then the following can be amended:

• "V.A.T. Returns Frequency : (Quarterly/Monthly/Bi-monthly)"
• "V.A.T. Rates:"
  • Here you can update that V.A.T. rate percentage and description.

Example : If you needed so alter the tax rate of V.A.T. rate 1 move to the "V.A.T. Rates :" prompt and change the rate from 17.50% to 15%. This will lower the rate of vat by 2.5%

There are fields for the V.A.T. 100 start date and Last Period completed these dates are updated by the system.

Other Considerations

If you have a Custom report generator report (i.e. one that had been written for you needs) that calculates the V.A.T. manually, this report will need to be amended to reflect the new rate. The above WILL not update the report. Please call our software support for further help.

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Keywords AND Misspellings

VAT, V.A.T., rate, rates, Value added tax, changing VAT