New VAT Codes In Sage50cloud From 2021

There have been so many changes with how to record VAT in your Sage50cloud software over the last year, I thought it might be a good idea to show you a current summary as of October 2021 ...

With Brexit happening, purchases of goods and services from Europe and the rest of the world are now treated in the same way, and this has caused great confusion to some people. It can be worth taking a fresh look at which codes you should use going forward.

"Don't worry about what codes you used to use!"

You also need to remember that if you have used certain tax codes for your own needs back when VAT was moving around from 17.5% to 15% and then to 20%, you might have used some of these codes in your company. When Sage goes to add them as you upgraded your software, your system may have a different T code, but the description should still match the codes on this table.

I have a client who instead of T14 for Import of Goods - No VAT (The Sage Suggested Code) have used T28, so please take care and don't blindly follow this table. Take a look in your own Configuration->Tax Codes settings and check which codes you need to know.

If you need help sorting out your own VAT codes in Sage50cloud you might benefit from one of my hand holding sessions where we can use Zoom or similar and check through your system with you to ensure you have the right codes all set up correctly.

Also, you can go to Help->About in Sage and see which version of Sage50cloud you are currently running. v28 has just been released, but the help files have not yet been updated to reflect any changes with this newest version.

Take a look at this blog post to review the updates to Sage50cloud V28.

If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.