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Sage 50 Tax Codes V27_1 and above Ireland only

Written by Sharon Foley on .

How do I set up a tax code in Sage 50 Accounts v27.1 and above? – Ireland only

This guide explains how to set up your own tax codes in Sage 50 Accounts v27.1 and above when based inthe Republic of Ireland.

any of the VAT rates used in the Republic of Ireland are already set up as default tax codes in your software, ready to use. However, if there’s a VAT rate you need which isn’t there by default, it’s easy to edit a spare tax code to suit your needs.

Before we start, check that your computer’s regional settings are set to Ireland and not UK. Read more >

 NOTE:  This article relates to Sage 50 Accounts v27.1 and above only. For details of tax codes in Sage 50 Accounts and Sage 50 Accounts v27.0 and below, read more >

Create or amend a tax code

Sage 50 Accounts holds 100 tax codes, this includes some tax codes which are not initially in use. If you need to set up a new rate, you simply edit one of these existing spare tax codes. If needed, you can also edit existing codes that are in use.

  1. Click Settings, click Configuration, then click Tax Codes.
  2. Select the tax code you want to amend then click Edit.
  3. Complete the Edit Tax Code window as follows:
    Rate Enter the required percentage. For example, to set up a 23% VAT rate, enter 23.00.

    If you select the Enable EC Code check box, the Rate box isn’t active.
    Include in VAT return To include transactions with this tax code on the VAT Return, select this check box.
    Reverse Charge To flag sale or purchase items that fall under the remit of carousel fraud, for example, mobile phones, select this check box. Don’t select this for standard reverse charge transactions.
    Resale To flag transactions involving purchases for resale, select this check box.
    Outside EC or Non EC Transactions To flag transactions that occur outside EU territories, select this check box.
    Enable EC Code or EC code If this is an EU tax code, select this check box. Then choose the relevant options from the drop-down lists.
    Link To This option is only available for EU purchase tax codes.

    If you want to use this tax code to record notional VAT, choose the required tax code that you want to link to. Notional VAT calculates based on the rate of the code you link to.
    Rate For RTD reporting purposes, select the relevant option.
    Description Enter a description for the tax code.
  4. Click OK, then click OK.

 

Full details of the TAX settings can be download the here on a PDF