Covid-19 VAT Rate Changes
What are the changes?
The Covid Relief VAT changes from 5% to 12.5%on 1st October.
What do i need to do?
If your selling prices are staying the same, you simply need to edit the 5% Tax Rate and change it to 12.5% The following article will guide you through this: Adding a new tax code - NOTE YOU DO NOT NEED TO ADD A NEW ONE, JUST EDIT THE EXISTING RATE
If you are changing your prices to reflect the VAT change you can do these individually or you can use a price lists which allows prices to be changed using calculations.
Changing prices with price lists to reflect new tax code
1) From the product maintenance screen select prices and then click New Price List.
2) Change the Description to 'VAT Price Change and then click Accept.
3) The new price file will appear in the drop down menu now at the top. Please select it.
4) Next we will need to copy the default prices into the new price file. To do this select Copy Prices In at the top left.
A wizard will open asking you to select the groups you would like to copy prices into. Please go ahead and select the relevant groups you are changing the pricing for and then click copy.
5) Next we will need to remove the original tax amount (20%) To do this select batch change.
6) We will now change the update method to subtract a percentage from the price using divide. Once selected change the value to apply to 20%, ensure use all produts is selected and then click Go.
7) Next we will need to add the new tax as a percentage. Go back into batch change and change the update method to "add a percentage to the price". Insert your required value and then ensure "Use all products" is selected and then hit Go.
8) Finally we need to copy these prices from the price list to the Default prices. This can be done by clicking Copy Prices out on the top menu.
9) Next ensure 'Default Prices' is selected in the drop down list and then click Copy. This will then overwrite all prices with your new changes.
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