VAT settings
This tab enables you to configure VAT rates and the date periods to which they
apply.
The Applies From and Applies Until columns will
display a
DatePicker
if you click on one of the cells, allowing you to adjust the date.
The Percentage column displays the VAT rate applicable to the
period. Note that if you are not registered for VAT you should enter a
zero in this column.
The example displayed above shows a practice that was registered to start
charging VAT on 1 May 2011. It has been configured not to charge
VAT on transactions up to the end of April. Transactions from 1 May onwards
will have a VAT portion.
Note that VAT is calculated as a portion of the charge, i.e. it is NOT added on
top of the price you charge for each item. It is important, therefore, to
ensure that your Pricelists
are inclusive of VAT.
When filling out your VAT return you can use the
Transaction Analysis
to provide you with the required figures. It can be used for both the
invoice and cash basis of calculating VAT. Ask your accountant for more
details.
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