How To Add New VAT Rates In Advanced Exchequer

VAT rates for businesses in the hospitality, leisure and attractions sector, have now been increased to 12.5%.

Here’s our guide to show you how to alter VAT rates within Advanced Exchequer.

 

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From 1 October 2021, the government introduced a new reduced rate of VAT for hospitality, holiday accommodation and attractions. The new rate of 12.5% was introduced on 1 October 2021 and will remain in place until 31 March 2022 to support in the transition back to the standard rate of VAT (20%).

In order to support this change in your account system, you may need to add a new VAT Rate. Please see below steps on how to do this, in Exchequer:

1) Go to Utilities > VAT Setup

2) You will be presented with a list of all your current VAT Rates. For any that are not in use, simply re-name the description and enter the rate of 12.5%

Tick the ‘goods’ box if you wish for this rate to be displayed on your VAT Return

3) You will then be able to use this rate on transactions moving forward, and if you wish to default this rate on stock items, you can do so on the stock item default tab:

4) If you use OLE, you can save back into this field in OLE using the formula EntStkSaveVATCode. If you are unsure how to use OLE, please visit the HBP Group Support portal and search the FAQs for the OLE Introduction video

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