Tax Codes (UK)

Discussions, hints and tips for users of Retail-Man Point of Sale, from Ezi Solution.

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Tax Codes (UK)

Postby Jaeger » Tue Feb 14, 2006 3:06 pm

The Tax codes shown in RM are for Australia.

In the UK we have variations for Sales Tax and Purchase Tax.

e.g.
T0 Zero rated 0%

T1 Standard rate 17.5%

T2 Exempt 0%

T4 Sales to VAT registered customers in EC 0%

T7 Zero rated purchases from suppliers in EC 0%

T8 Standard rated purchases from suppliers in EC 8%

T9 Non-Vatable Tax Code (i.e. Journal Entries) 0%

It is difficult to show the full list from Sage in the forum, my main concern is the ability to show the T4, T7 and T8 codes.
HM Customs and Exise require us to record and report to them the value of EEC sales and purchases. There is an entry on VAT forms for this.

Would I be right in the following.

Set up our Tax Codes as above or similar and use these for the products purchased from VAT Free EEC Suppliers use tax code T7.
Would we then need to set up a separate Purchase Account to allow Totals for Purchases in any Quarter to be shown?

I did think to simply add a new nominal code for purchases and a new nominal code for sales. This would work as the new codes will total the EEC Purchases and Sales.

Can you have a look and let me know?

The ability to generate a VAT Return report would be a great help here are there plans for doing this?
Jaeger
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Postby sami » Wed Feb 15, 2006 8:02 am

What you have done is correct.
The system will report on each tax code individually in either summary or detailed.
Adding new accounts can be done, I do not think it will make much difference, but if you feel it will give you better reporting and control, then go for it.
We will look at adding the VAT return report in the future, but we still have many upgrades to the system before attempting to do that.
sami
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Postby Jaeger » Wed Feb 15, 2006 9:05 am

sami wrote:Adding new accounts can be done, I do not think it will make much difference, but if you feel it will give you better reporting and control, then go for it.


I'm not sure how compulsory it is but is requested from HM Customs and Excise to report the value of EEC purchases that do not carry a vat charge. It is on the VAT form, I guess if you didn't there's not a lot they could do about it :? as it is used for import stats. but something that perhaps you could look at including for the UK. :)
Jaeger
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Location: Lancashire, United Kingdom


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