Setting up VAT rates

Steps

  1. Navigate "Settings > Organisation > Manage VAT Scheme"
  2. Complete or enter details of new VAT Scheme
  3. Click Update or Add

To change the VAT rates within Clear Books or set up a new “VAT Scheme” you will need to go to the Manage “VAT Schemes Page”. Only VAT registered companies (setup under organisation settings) can switch between VAT rates.

Step 1.

Navigate “Settings > Organisation > Manage VAT Scheme”.

VAT Section Of Settings

Step 2.

On the “VAT Schemes” page you can either update a current “VAT scheme” or setup a new one.

You cannot edit a” VAT scheme”. To change the “VAT scheme” for a year the current “VAT scheme” must be deleted; this would be necessary if a company became VAT registered mid way through a financial year.

VAT Schemes Page

What the Fields Mean

VAT Scheme Options

Choose either VAT Registered, Not VAT Registered, Flat Rate Scheme and Custom GST Scheme.

VAT Accounting Options

Invoice Accounting.

Also known as accruals means that VAT is calculated on when the invoice is issued.

Cash Accounting.

VAT is calculated on a transaction once payment has been received.

Step 3.

After selecting the “VAT Scheme”, “VAT Accounting”, “Date From”, “Date To” and “VAT Rate” click “Add”.

Deleting A VAT Scheme

To delete a “VAT scheme” you will need to click on the “delete” button (shown below) to the right of the VAT period you wish to delete.



The confirmation message VAT scheme removed will appear.