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Last Updated: Jun 7, 2010 - 12:32:28 PM |
On January 1st 2010 UK VAT is due to return to 17.5% (from its current
15%). This article summarises the considerations which users of
time@work and expense@work will need to take into account in the setup
of their systems.
Further information on the VAT Changes is available at http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-changes.htm
The exact nature of the changes which will need to be made will depend
on your System Setup but the following guidelines will be of general
assistance:
- Review where the Vat Rate is currently held
In some instances, the VAT value will be held as a Constant in the Calculations section of the Maintenance Application.
In some instances, the VAT value will be held as a Value Table which is
referenced in a Value Hierarchy and a related Calculation.
- Make Backups
Ensure you take a backup of the database prior to making any changes.
At a minimum we recommend that you take screenshots of the the settings
you are about to change prior to carrying them out.
- Making The Changes
Before making any changes its prudent to ensure that all pre Jan 1 2009 claims are posted. (If you are using Value Hierarchies then this will not be an issue as VH Tables are date specific).
Where the VAT Rate is held as a constant in one of your calculations
then depending on your setup this will either be a value .15 which
will need to be changed to .175 or it may be the inverse (so for
example 0.869565217391304 needs to become 0.851063829787234 etc).
Where the VAT Rate is held in a Value Table you should create a new one
and on the Advanced tab ensure that the From Period is set to the
appropriate accounting period from which the new rate will take effect.
By doing this, all transactions prior to this set period will calculate
with the old VAT Rate and those falling on or after the new period will
calculate with the new VAT Rate.
- Other Factors To Consider
Review whether any Reports or Invoice Templates have any Text Box's which specify the VAT Rate.
In some complex implementations the XSL stylesheets which are used to
format Exported Data may need to be amended by your consultant.
In some instances an Analysis Value on a Project or Client record is used to hold a VAT Rate.
© Copyright 2009 by systems@work Limited
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