Here’s some important information from Concentrix Support on how to change VAT rates in Microsoft Dynamics NAV.
Please read this article and download and read the relevant Microsoft whitepaper (link below) thoroughly before taking any action.
From 1st January 2010, the UK standard rate of VAT will increase from 15% to 17.5%. The following are not affected by the change in VAT rate:
- Zero-rated goods, for example, basic food stuffs, children's clothing and children's footwear
- Goods and services subject to VAT at the reduced rate of 5%
Important
Concentrix is unable to advise which VAT rate you should apply in specific circumstances. If you are unsure, please confirm the correct VAT rate with HMRC either by phone or by consulting the relevant guidance on the HMRC website, http://www.hmrc.gov.uk
How to Change the VAT Rate in Microsoft Dynamics NAV
Microsoft Dynamics NAV provides a VAT rate change tool that allows you to perform VAT and general posting group conversions. This tool allows you to easily change VAT rates in order to maintain accurate VAT reporting. Before you can use the VAT rate change tool, you'll need to prepare your data for the VAT rate change, install the VAT rate change tool and then set it up. Microsoft has produced a whitepaper which details how to do this and change the VAT rate in Microsoft Dynamics NAV. This is applicable to Microsoft Dynamics NAV 5.0 SP1 and Microsoft Dynamics NAV 4.0 SP3.
Download Microsoft_Dynamics_NAV_Change_VAT_rates_Whitepaper
Further Help and Information
If you are a Concentrix customer with a current support contract and are experiencing any problems changing VAT rates in Microsoft Dynamics NAV, please contact the Concentrix support desk on 01509 410555 or email [email protected].
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