• Why are there 3 nominal codes for VAT?

    Hi all

    My system shows the following 3 nominal codes for VAT:

    2200 Sales Tax Control Account

    2201 Purchase Tax Control Account

    2202 VAT Liability

    Surely, VAT liabiity = Sales Tax - Purchase Tax, so why have a seperate code for VAT Liability?

    Secondly…

  • VAT hints and tips

    To help you if you're running your VAT Return soon, we've pulled together some handy VAT hints and tips into a quick guide.

    Take a look >

  • Check if a transaction is VAT reconciled

    When you reconcile your VAT Return in your software, all transactions that were included in that VAT Return are flagged as VAT reconciled.

    If you later need to check if a transaction has been VAT reconciled, for example, for audit purposes or error corrections…

  • VAT code for supply of services to the UK post Brexit

    Hi there,

    Could someone advise the correct tax code in Sage 50 for an Irish company invoicing customers for supply of services in the UK?

    Pre-Brexit we have used the tax code T22 Sales of services to VAT registered customers in EC.

    Thanks in advance

    …

  • VAT - Get to grips with tax codes

    If you're unsure which tax codes affect which area of your VAT Return, why not use our quick guide to help you get your VAT right every time.

    Read more >

  • Irish VAT - End of the temporary lowering of the Standard Rate of VAT for Ireland

    The Irish government announced a lowering of the standard rate of VAT for Ireland as part of the Job Stimulus Package in July 2020. The standard VAT rate was lowered from 23% to 21% for 6 months effective 1 September 2020 through to 28 February 2021. 

    …

  • VAT Imports and exports from January 2021

    If you're a Republic of Ireland based business, trading with the UK, the tax codes you use when posting imports and exports may have changed now the Brexit transition period has ended.

    For general guidance on which tax codes to use for imports and…

  • Change in VAT Rate for Hospitality and Tourism Items in the Republic of Ireland

    In the Irish Budget 2021, it was announced that the VAT rate applicable to certain goods and services, primarily in the hospitality and tourism sector, would temporarily be reduced from 13.5% to 9%. This change comes into effect from Sunday 1 November…

  • Temporary (6 months) Standard VAT Reduction Ireland

    Irish revenue had announced in the July stimulus plan that the standard rate of VAT (currently 23%) will be temporary reduced to a lower rate of 21% for a 6 month period, from 1st Sept 2020 to 28th Feb 2021. I cannot find anything on Sage (Ireland) informing…

  • Zero Rated purchases of services from suppliers outside EU

    Hi there,

    I had a query re the correct tax code for invoices outside of the EU with no VAT. At the minute I have allocated them as T21 however i note this is relating to zero rated purchase of goods from suppliers outside the EU (i.e. US & India). Should…

  • How to account for VAT on business purchases with no valid VAT receipt

    What do people do in these situations? Obviously you should not claim the VAT back but which Sage VAT code should you use? My predecessor used VAT code T0 - is that right?