Forum - Different tax rates on sales and purchases

Different tax rates on sales and purchases

Paul Timms

7-29-20

Operating system: Windows

In the UK, new tax legislation has just come in. Specific sales within the hospitality sector can now sell products and services at a reduced rate of 5% VAT, instead of the normal 20% rate.

This means that a product could be purchased from a supplier at 20% VAT, and sold at 5% VAT. Is there any way to handle this in the standard software?

Paul Timms

7-29-20

We have found a way to do this, by setting up a Price List record with a 100% price formula and the 5% VAT code. Once the prices are generated, the 5% VAT code is pulled through onto sales records.

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