What are the VAT codes on Sage?
New Import Tax Codes
- T14 – Import of goods – No VAT.
- T15 – Purchase of services from ROW – Reverse charge.
- T16 – Purchase of services from ROW – No VAT.
- T17 – Import of goods – Under import reverse charge threshold.
- T18 – Import of goods – Postponed VAT.
- T19 – Import of goods – VAT no postponed.
What is EC on Sage?
If your business is VAT-registered and sells goods or services to VAT-registered customers in another European Union (EU) country, you must report these sales to HMRC. You’ll need to complete an EC Sales List (ESL) to show who your customers are, where they are based and the value of the goods sold.
What is the VAT code for non registered suppliers?
Zero Rated – This is used where the supply of goods is Zero rated, such as children’s clothes, basic foods, books and newspapers. If your supply is Zero rated, use “Zero Rated Income”. If an expense was Zero rated or the supplier was not registered for VAT, use “Zero Rated Expense”.
What is T10 VAT code?
T10. Zero rated purchase of goods for non-resale. View screenshot > T11. Standard rated purchase of goods for non-resale.
What are EC sales?
An EC Sales List is a document that outlines intra-EU sales between VAT registered businesses. EU tax authorities use these documents to ensure that VAT is being properly recorded by both parties in cross-border sales.
What should be on EC sales list?
Use an EC Sales List to show:
- details of each of your EU customers.
- the sterling value of the supplies you have made to them.
- the customer’s country code.
How do I treat an invoice for a non VAT registered company?
If the invoices are purchase invoices with no VAT you are correct to be inputting them as zero rated invoices. This way they will still show as purchases on the VAT return summary. You should save the VAT exempt option for items that would fall outside the scope of sales and purchase -i.e payroll etc.
What is the VAT code for Sage?
Sage VAT terminology. Here’s what you need to know about the Sage codes surrounding VAT: T0 – Is the zero rate (0%) T1 – Is the current standard rate; SA = Sales Receipt on Account (Unassigned Debtor Payment) PI = Purchase Invoice (Positive Valued Purchase Line)
What do the sage codes mean?
Sage also has its own codes to refer to terminology within the audit trail. These can also be seen in KashFlow’s Sage Export report: Keep these Sage codes to hand and you should find managing your accounts with us straightforward.
How do I enter VAT on the EC Sales List?
The details are included on the EC Sales List. Select the VAT Return check box. Select Not Applicable. Set at the prevailing rate for the goods. Enter the relevant country code. Leave the customer’s VAT registration number blank. The value of the VAT will appear in box 1 on the UK VAT Return and the value of the goods in box 6.
What does T1 mean in Sage VAT?
Sage VAT terminology. Here’s what you need to know about the Sage codes surrounding VAT: T0 – Is the zero rate (0%) T1 – Is the current standard rate. T2 – Is the exempt transactions (N/A or 0% depending on the transaction) T4 – Is the VAT on sales registered EC customers. T5 – Is the reduced rate VAT at 5%.