How to change VAT rate for your Xero, QuickBooks or Sage accounting system

Following the Chancellor’s summer statement announcement, from the 15 July 2020 to 12 January 2021 the standard 20% rate of VAT has been reduced to 5% VAT on some (NOT ALL) supplies made in the hospitality, accommodation and attractions sector. For the full information on these changes our award winning tax team has prepared this document here

To help you record these changes efficiently our teams have created a set of guides on how to change the rate of VAT in your accounting system.

Click the links below to access our guides:

Xero

QuickBooks

Sage

If you have any further questions or queries please do not hesitate to contact our team – support@garbutt-elliott.co.uk