Changing Cashbook VAT Rate to 20%

Article ID: 2024784              Last updated: 7 December 2011



For any sales of standard VAT rated goods or services that you make on or after the 4th of January 2011 you must charge standard VAT at the new rate of 20 per cent.

The change only applies to the standard VAT rate. There are no changes to sales that are zero rated or reduced rated for VAT. Similarly, there are no changes to the VAT exemptions. Any sales you make at these rates are unaffected by this change.

NOTE: The following change will only impact new transactions recorded on Cashbook using the newly created VAT code. Existing transactions using the original 17.5% rate will retain their original VAT rate.

Change Cashbook VAT Rates

1.  Click Setup at the top of your screen and choose Business Details.

2.  In the Business Details window, select the VAT tab.

3.  In the VAT Rates dropdown, select 17.5% Standard Rate.

4.  In the field below, change 17.5% to 20%.

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5.  Click the Save Rate button.

6.  Click Save at the bottom of the window.

7.  Click Close.

 

 

Disclaimer: This information is of a generic nature. For specific advice regarding your particular circumstances please seek assistance from your Accountant, HM Revenue & Customs or your IT Consultant as appropriate.


Query words: VAT, rate, january, 20, 17.5,