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Accounts, Set-up Tax & Euro

Starting from the “Accounts Menu”…

  • Click the “Set-up” button
  • If it’s not already in front of the others, click the “Tax & Euro” tab
  • Set-up for VAT

    If your business isn’t VAT rated you can ignore all the VAT fields on this form.

    On the other hand, if it is VAT registered, enter the first month of any of your three-monthly VAT periods (e.g. if one of your periods is for Jan-Mar you would enter January). Next enter whether your VAT is based on invoice dates or the cashbook dates when invoices are actually paid. If uncertain, ask your accountant which method your business is registered for. Finally enter the current percentages for the three VAT rates, then click the “Save” button. You should also ensure your nominal accounts are set-up to use the correct VAT rates (see Accounts, Set-up Nominal Accounts).

    Set-up for Euro

    Enter the current number of Euros to the pound Sterling in the box entitled “Euro / Sterling conversion rate” and click the “Save” button. Subsequently any reports that include Euro pricing will automatically pick-up this rate. You will need to change this rate each time the conversion rate changes.

    Insurance Premium Tax (IPT) Rate

    Click the IPT dropdown and set the rates accordingly. Marine and travel insurance may have their own special rates, while all other types will use the default rate.