Setting up VAT

Overview

When setting up your Business the location selected will dictate which default VAT Rates are created. The default VAT Rates will normally contain a Standard Rate, a Reduced Rate, a Zero Rate and an Exempt Rate. These may be added to if required. To access VAT Codes choose Settings » VAT » VAT Rates. The following screen will appear.

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 From the list of VAT Rates you can Add new VAT Codes, edit or delete existing ones (once they have not been used in transactions). To edit an existing VAT Code simply highlights the appropriate row and press the edit button. To add a new VAT Code simply pres the Add Button, the following popup appears.

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Code

Enter a unique code for the VAT Rate, as a default Surf Accounts uses standard letters, A for Standard, B for Reduced, X for Exempt and Z for Zero.

Rate

Enter the VAT Rate for this Code.

Description

Enter the Description for the VAT Rate for example “Standard (Old Rate)” or “Reduced Rate” etc.

Exempt

Tick this box if this is the VAT Rate to be used for VAT Exempt Customers, there can only be one exempt code at any one time.

No Longer in Use

This tick box should be used where a VAT Rate has changed and the old Rate is no longer in use.

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