VAT Change - Implications for GP users
The Chancellor, as widely predicted, has confirmed a drop in the standard rate of VAT from 17.5% to 15% as of 1st December 2008. This lower rate will remain in force for a period of 13 months and will revert back to 17.5% on 1st January 2010.
Changes will therefore need to be made to the settings in Dynamics GP (Great Plains) for all transactions effective 1st December 2008. To do this, you will need to enter the setup for the tax detail and edit the percentage amount. We also advise that an additional tax detail is set up for the old rate of 17.5% to accommodate any credit, historical transactions, etc. Please download our guide for details on how to do this.
The VAT reports should be generated as normal, and should reflect the correct figures. In some cases where the VAT value is hard-coded into a report, then modifications may need to be done. In such cases, please contact the support team for assistance - Log into our portal or call 0845 5000 777.
Instructions to change the VAT to 15%
