Each country has a set of VAT rates, which can change over time. Therefore, in Business Accountz, not only is there a range of rates but also a From Date to reflect when a particular rate started.
When you complete the Company Start-up Wizard, you select your country's VAT system. This automatically creates a set of rates relevant to your choice of country. These will be standard rates at the time of the software's release. We issue updates to the software when VAT Rates change to make this seamless for the customer.
It is important to note the possibility that these rates may have changed, therefore please check with your inland revenue service.
The VAT Configuration screen comprises two vertical panels, the left panel, which displays the selected country's VAT rates, and the right panel, which is used if the user needs to update or add a new rate to the system.
Please note - VAT component not available in the Startup Kit.