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Topaz Financials VAT Rate Change
25th November 2008
To All Topaz Customers,
As you will be aware, HMRC have changed the rate of VAT from 17.5% to 15% for affected goods & services supplied on or after December 1st 2008. Given the temporary nature of the changes (until January 1, 2010) and the very limited time available for all UK businesses to implement these, the recommended course of action for your business is to create a new VAT code and apply this for relevant VAT transactions; then revert to the previous VAT code from 01/01/2010, obviously subject to regulation changes in the meantime.
Given this sort of change is not a regular occurrence we have created a document outlining how to create a new VAT code; this is available for download if you copy and pasta the link below into your web browser.
http://www.topaz.co.uk/uploads/HMRC%20VAT%20Changes_V9.pdf
To coincide with this email we have also placed a bulletin on our support website www.topazeservice.co.uk
Customers who receive taxable invoices / credit notes from external applications via the Topaz interface should consult with these suppliers. If a new vat code is created in an external application then the same code MUST also be created within Topaz.
Anyone using default VAT codes either system wide or customer / supplier specific will need to amend these accordingly. Anyone using this functionality should take extra care with regard to using the correct VAT code particularly during the transition period. Care should also be taken when using VAT code expiry date as this is very prescriptive and does not give much flexibility, in this instance it is not recommended for use.
HMRC will be sending notification of these changes to all vat registered businesses, we are happy to supply a copy of this guide. Please log a request via eService if this is required.
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