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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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Which Sage vat code should I be using following? 1)

Resolved Question:

Which Sage vat code should I be using for the following?
1) Race track hire in Europe
2) Race track hire World wide i.e. India, New Zealand
3) Expenses Europe/World Wide
4) Repairs in Europe i.e. Engine repairs
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
1 T9
2 T9
3 T9
4 T1
T0 - Zero rated transactions.
T1 - Standard rated transactions - Currently 20%.
T2 - Exempt transactions.
T4 - Sale of goods to customers in the EC.
T5 - Lower rated transactions - Currently 5%.
T7 - Zero rated purchases from suppliers in the EC.
T8 - Standard rated purchases from suppliers in the EC (notional VAT in Boxes 2 and 4 on the VAT Return).
T9 - Transactions not involving VAT (Any transactions posted with this tax code do not appear on your VAT Return).
T20 - Sale or purchase of items that fall under the remit of carousel fraud (reverse charge VAT).
T22 - Sale of services to customers in the EC.
T23 - Purchase of zero rated or exempt services from suppliers in the EC.
T24 - Purchase of standard rated services from suppliers in the EC (reverse charge VAT).
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