UK VAT Rate Change
On the 1st January 2010, the standard rate of VAT is set to change from 15% to 17.5%
To change the standard rate of VAT in GDS, you first need to login to the system as normal.
If you then go to the GDS drop down menu which runs along the top of the screen, and choose the Configuration Settings sub menu, and then choose the VAT Codes and Rates menu option.
VAT Codes are usually numbered T1, T2 etc (sometimes V1, V2). If you click the Edit button on the Edit toolbar, and then enter 17.5 in the VAT Rate column alongside the Standard Rate VAT Code (usually T1), and then click Save, the system will be updated.
Any existing invoices in the system will use the VAT Rate at which they were created. Any new invoices which are added will use the new rate. You should be aware that if you make changes or amend any existing invoices in the system that new lines added or updated may use the new rate of VAT. You can double check this - when you print an invoice, the VAT details in the invoice totals may list 2 rates of VAT.
For more help with this subject, please see the Help file link below.
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