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About Us
NEW VAT Changes - December 2008
As a result of the Pre Budget Report and changes announced by Alistair Darling on Monday 24th November 2008, organisations will be obliged to charge 15% VAT rather than the current rate of 17.5% for the next 13 months. This web page outlines actions you need to consider as a result of this.
How will the change affect me?
The implementation of the required change is, at a high level, easily accommodated within all of the financial management systems from COA Solutions. Users will need to update existing VAT code(s) with a new rate of 15%, effective as of 1st December 2008, and apply this to all standard rate codes that have a current effective rate of 17.5%. (eFinancials users have a choice of two approaches as outlined below). This change can be reversed in 13 months time, unless regulations change between now and then.
We include below detailed advice on each of the financial management systems we supply. This explains how to alter the standard rate as well as covering other relevant items.
If you have any questions as a result of this, please contact vatchanges.help@coasolutions.com.
'Ours is a non-standard implementation'
If you are concerned that you have a non-standard implementation (perhaps you have developed reports that have VAT codes hard-coded in them), or if you are concerned that you have several interfaces with third party systems and would like more formal assistance, COA Solutions can offer an ‘Impact Assessment’. This is where an expert consultant will come into your organisation, review your implementation, offer advice and guidance and furnish you with an ‘Impact Report’ outlining any further changes that may be required.
If you would like to make use of this service, please contact your account manager or email us at vatchanges.help@coasolutions.com.
Resources
The following documentation is aimed at giving you the answers you need to implement the required changes as quickly and easily as possible.
- VAT Changes – OpenAccounts FAQ
- VAT Changes - eBis/eFinance - see below
- VAT Changes – eFinancials FAQ (Requires access to WebFirst)
- VAT Changes - e2 FAQ
- VAT Changes – e5 FAQ
- 2008 Pre Budget Report – Changes to the Standard Rate of VAT – HMRC publication
- VAT Changes – Summary Guide – HMRC Publication
- VAT Changes – Detail Guide – HMRC Publication
eBis/eFinance users
The following advice is applicable to eBis/eFinance users.
- eBis/eFinance Version 6.0. Distribution of the required VAT patch is now complete. If you have not received and applied the VAT patch we advise you to suspend processing in eFinance and contact support as soon as possible.
- eBis/eFinance Version 5.0. Distribution of the required VAT patch is now complete. Unless customers have completed their own internal testing successfully we would recommend they suspend processing in eFinance until the VAT patch has been received and applied. If you have not received the VAT patch please can you contact support as soon as possible.
If you have any further questions on eBis or eFinance, please contact us at:
vatchanges.help@coasolutions.com.
Here to help
If you have any further issues that you would like to discuss, please contact us through the usual channels or email us at vatchanges.help@coasolutions.com.
