How to change the rate of VAT in Sage Instant Accounts

The Government has announced that it is changing the rate of VAT from 17.5% to 20% on 4th January 2011.  As a result of this, you will need to make some manual changes to your Sage Instant Accounts - follow this procedure on 4th January 2011:

Click on the "Settings" Tab at the top of the screen and select "Configuration":

A Configuration Editor box will open - click on the "Tax Codes" tab:

Highlight the T1 Code and click Edit.

An Edit Tax Code box will open:

Change the rate from 17.5 to 20 and edit the Description to 20% rated transactions. Make sure the "Include in VAT Return" check box is ticked. Click OK.

We hope you found this article useful. If there is a particular problem with using Sage Instant Accounts that you would like to see an article on, or perhaps you have a tip or a trick that you'd like to share, please contact us here and let us know.

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