Saasu has a multi-jurisdiction Tax report designed to enable customers from different Tax Zones to access information they can use to fill in paper or online tax remittance information.
VAT Tax Code Report
Where: Reports > Tax Code report.
Reporting amounts excluding tax rather than amounts including tax
The current Tax Code report displays Amounts inc Tax. For your VAT electronic filing data you may need to report Amounts exc Tax in which case you will need to subtract the Tax column from the Amounts inc Tax column. A new version of this report currently in development will resolve this extra task.
Using Saasu to file electronically via the HMRC Free Filing Service
If you are a UK business with over £100k of revenue then you may need to report via the HMRC free online filing service except where you have an exemption . You can register for the HMRC filing service here.
Using Saasu to file electronically directly to the HMRC
We don’t currently support this approach. We have this feature in our development queue so if you would prefer this approach make sure you let us know so we can get you on the development ticket. This way you will get a notification when the feature is available.
United Kingdom VAT
The UK operates a VAT system like many EU countries. There are four main VAT codes in operation that Saasu supports as a Beta trial. There are two Standard Rates. 17.5% for transactions up to and including 30 November 2008 and also 15% for transaction from 1st December 2008 up to and including 31st December 2009. For transactions after this the original 17.5% rate code can be used. See Direct.gov.uk – beginners guide to tax
|Standard 20%||20%||General Goods and Services||From 4th January 2011 to present day.|
|Standard 17.5%||17.5%||General Goods and Services|
|Standard 15%||15%||General Goods and Services||Special GFC rate from 1st December 2008 to 31st December 2009|
|Reduced||5%||Childrens car seats. Domestic use fuel and power.||Reduced Rate Info from HMRC|
|Zero||0%||Childrens clothes, books, food etc.||Zero Rate Info from HMRC|
How do I manage the 2008 UK VAT rate change?
- Enter transactions for the 30th November 2008 and before using the VAT rates that you have been using up until now, as per normal.
- At close of business 30th November 2008 change your Chart of Accounts default tax codes to use the new VAT15 tax code. To do this go to Accounts > and then use the edit icon to open your Account codes one by one and change the default tax code if set. This will ensure that Point of Sale transactions entered will default to the new Tax Code if you are using a USB device or fast keying POS transactions. You can always manually change the code but this step will help with accuracy.
- From 1st December 2008 start using the VAT15 tax code for standard VAT rate transactions. Check you first few transactions are working correctly if you haven’t pre-tested transactions.
- When you complete balancing your accounts for 30th November 2008 deactivate the old VAT code for 17.5% by clicking the minus icon next to it (Go to Settings > Main > manage tax Codes). You will keep it deactivated for 13 months or until the government advises the next change.
- Do some sanity checks, make sure you are happy with the changes.
How do I complete a VAT return?
HMRC’s How to complete and file a VAT return has specific information. Saasu is a software company so we can’t advise you how to complete returns and remittances for government authorities.