How To Add New VAT Rates In Sage 200
VAT rates for businesses in the hospitality, leisure and attractions sector, will increase to 20% from 1st April 2022.
Here’s our guide to show you how to alter VAT rates within Sage 200.
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From 1 April 2022, VAT rates for hospitality & attractions will rise back up to rates of 20%.
In order to support this change in your account system, you may need to add a new VAT Rate. Please see below steps on how to do this, in Sage 200:
You may find that you need additional VAT rates to the defaults supplied within Sage 200. Depending on what you buy and sell you may need to create a reduced rate of VAT for items you buy and sell.
These are maintained within Accounting System Manager > Settings > VAT Rates.
To create a new VAT rate:
1) Click Add to add a new row on the table.
2) Enter a unique code and name.
This name appears throughout Sage 200, so make sure that the name adequately describes your new VAT rate.
3) Select the VAT Return box as you want to include the value of VAT accumulated under this code in the VAT Return.
4) EC Terms set to Not Applicable
5) % – 12.5
6) Input / Output code – This is defaults to the nominal accounts specified for VAT in the Default Nominal Accounts.
You have now successfully created a new VAT rate to use.