New VAT Codes In Sage50cloud From 2021
Are you using the right codes?
Posted by Alison Mead on 08/11/2021 @ 8:00AM
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 ...
If you need help sorting out your own VAT codes in Sage50cloud you might benefit from one of my hand holding sessions!
copyright: kantver / 123rf
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.
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.
About Alison Mead ...
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!
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