We’re pleased to announce that Clear Books users can now benefit from VAT schemes with pre-populated VAT rates for all EU countries. This means if you are registered for VAT in any EU country, you can simply set up a VAT scheme for this country and the correct rates will automatically appear when creating invoices.
Previously, for all countries outside the UK, you had to manually enter the rates yourself — you don’t have to do this any more.
If you are creating a new account, you will be asked to select your country before creating your first invoice. It will then automatically default to your country’s VAT rates.
If you have an existing account and would like to make use of this feature, you can go to Settings > Organisation > Details > Tax, and then click ‘manage VAT schemes’ and add a new scheme with the correct country selected.
There is also a VAT report available when registered in one of these countries — under Reports > Tax > VAT report — which shows all invoices and bills which are eligible for VAT, plus totals broken down by VAT rate.
The report can also be exported as a CSV or PDF.
Let us know if you have any questions in the comments below.