VAT Rate changes 1 Jan 2010

The Chancellor has announced that VAT standard rate will be increased from 15% to 17.5% on 1st January 2010. Here is how to implement this in ABC accounts.

In ABC5 use the Accounts Utility function EDIT COMPANY PARAMETERS > VAT Rates, and change the rate for VAT Code 1 to 17.5% (instead of 15%). Do this on 1st January 2010.

In ABC6 use the Accounts Utility function > Rarely Used functions > EDIT VAT RATES, and change the rate for VAT Code 1 from 15% to 17.5%. Do this on 1st January 2010.

If you have more than one company set up in ABC, you need to do this for each company.

You should have received a letter from the Revenue & customs explaining this in more detail. But in a nutshell all you have to do is make the above change. The Revenue expects that for the first month or two there may some slight confusion or discrepancy, and have said they will ignore this. So do not worry if you do something the wrong way, or make small mistakes.

 

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