Business Accountz and the new 15% VAT rate

This new week brings with it a new rate of VAT. With the VAT rate dropping to 15%, those running their accounts will need to ensure that the VAT rate charged on all invoices issued from Monday reflects this.

Users of Sage searching through the website may find very little. A telephone call brought the advice that you should manually change T1 to 15%. If you have to enter old bills, edit it back to 17.5 again, then edit back to 15 etc.

With QuickBooks, there is no mention on the website; only QuickBooks Pro can do it but they were not sure how over the telephone. Their advice was to speak to the technical support department who should be able to talk you through it.

Users of MYOB and Mamut will find no mention on their website, and we had trouble getting through on the telephone.

Accountz.com Limited have made available an upgrade (free of charge to existing users) that is date aware. This means that you do not need to think about the VAT change at all - the process is completely automatic.