For UK companies, New Year brings a new VAT rate – or rather, a return to the old 17.5% rate after a one year reduction of 2.5%. For FinancialForce.com customers, the move is straightforward to achieve. The system is designed to copy easily with any number of tax rates in any region of the world, so setting a new one up and making it effective is straightforward.
You simply need to add the new rate (17.5%) and effective date (1st January 2010) to your tax record, and that’s it – no complex configuration is required. The good news is there is no need to wait up until midnight on the 31st December in order to set the new rate live, the change to tax rate can be made in advance and when the effective date becomes current any documents posted to FinancialForce Accounting will pick up the appropriate rate.
So you can kick back with a glass of bubbly and enjoy your New Year’s eve with one less thing to worry about. Happy New Year to all our users and followers, from everyone at FinancialForce.com!