The VAT settings govern how VAT is applied on the business accounts. For example, you can set VAT rates. To view the steps to set up VAT, click on the links below.
The VAT basis determines when the VAT returns are generated. There are two types of VAT basis available to you: Cash and Invoice. If you select Cash, VAT returns are generated when an invoice receipt is generated. If you select Invoice, the VAT returns are generated immediately after the invoice is created. To set the VAT basis, complete the following steps.
1. On the Settings page, under the VAT heading, click VAT Basis.
2. The VAT Basis window appears. On the VAT Basis window, enter the required details and click [Save].
To configure various VAT rates, complete the following steps.
1. On the Settings page, under the VAT heading, click VAT Rates.
2. The VAT Rates window appears. To set VAT rates, click Add or to update VAT rates, click Edit.
Setting Notional VAT Rate
A notional VAT rate allows you to pay the VAT at first and reclaim the VAT later from the Revenue. To set up the notional VAT rate, complete the following steps.
1. On the VAT Rates window, select a rate and click Edit.
2. The Edit VAT window appears. From the NOTIONAL RATE list, select a notional rate and in the GOODS OR SERVICES list, select an option.
3. To save the rate, click Save.
E-commerce and One Stop Shop (OSS)
This section allows you to enable One Stop Shop sales in Surf Accounts.
Configure OSS for an existing record
- Click Settings > Vat > Vat Rates.
- Select an existing record and click Edit.
- Select OSS Enable check-box.
- Select the country from the COUNTRY drop-down.
- Click Save.
Configure OSS for a new record
- Click Settings > Vat > Vat Rates.
- Click Add and enter all the information.
- Complete steps 3 to 5 as mentioned in Configure OSS for an existing record.
This section allows you to set up the VAT for your business. To set up, complete following steps.
1. On the Settings page, under the VAT heading, click VAT Codes. The VAT Setup page appears.
2. On the VAT Setup page, select the appropriate VAT rate for different cases and click [Save] to save the changes.
|If, at the time of setting up the business, you select options Primary School or Secondary Schools, then the default values in the fields Default VAT Code for Customer and Default VAT code for Supplier will be Z 0%.|
VAT Change Wizard
The VAT Change Wizard is a feature that helps you update your VAT Rates, in accordance with the temporary standard VAT rate change currently in Ireland. The feature allows you to select the types you want to change to 21% or set it back at 23%. To process, complete the following steps.
- On the Settings page, under the VAT heading, click VAT Change Wizard.
- The VAT Change Wizard page opens. Select options that need to be changed from 23% to 21% charge.
- Click Run. Changes get saved and is shown under From 21% to 23%.
- The changes can be reverted back by checking the required options and clicking Run.
- Changes are reverted back.
Change VAT Basis
This new feature will allow you to change the VAT basis, from Cash to Invoice or vice-verse, where VAT Returns have already been made to Revenue/HMRC under a previous Basis.
- On the Settings page, under the VAT heading, click Change VAT Basis.
- You can change the Sales VAT Basis and/or the Purchase VAT Basis from Cash to Invoice or vice-verse. Select the relevant change and click Save.
- A confirmation message is displayed that states the changes being made.
- Click Yes to proceed with the change.
Invoice Basis to Cash Basis
You will see a validation message, where there are part-allocated receipts or payments to an Invoice already included in VAT returns. The unallocated portion cannot be automatically included in future returns.
To ensure that these transactions are included in future returns you should unallocate them.
A list of these transactions will appear on screen, you can export the list of transactions to be unallocated to excel, by using the Excel button. Until these changes are made you will not be able to change your VAT Basis.
Cash Basis to Invoice Basis
You will see a validation message, where there are part-allocated receipts or payments included in VAT returns, the unallocated portion will not be included in future returns.
You will need to make a manual adjustment in the next return to include these transactions. The list of affected transactions will be displayed, you can export the list of transactions to excel, by using the Excel button.
- Click Agree and Proceed to change the VAT basis.