Changing the Standard VAT rate Quick Reference Guide

This Quick Reference Guide (QRG) will take you through the process of changing the Standard VAT rate within RetailStore/ CharityStore.

Please note: you should make the VAT changes below, after you have finished trading on the day before the VAT rate change comes into effect. If you don’t make the VAT rate changes until the day, please be aware that they will not be reflected in offline transactions until the following day.

From the Back Office,

• select the select the Admin menu.menu.

• Scroll down to the section labelled Financial, and select Value Added Tax Setup.

Your VAT Code List should be displayed, listing all VAT codes set within the system.

• Search for your Standard VAT code and select Edit.

Within the Edit VAT Code page,

• look for the field labelled Rate*

• Delete the displayed rate and type in the new one. Example: xx.xx
• Click the Save button located at the bottom of the page.

If the save has been successful there will be a note at the top of the screen telling you the new rate was updated successfully.

The revised VAT rate will then have updated.

If you want to double check that this rate has been applied to Products you already have in your database:

• Click back on the Admin menu.

Within the Products and Categories section,

• select Products and Categories.

• Filter through your Product Category structure to find a Product that previously had the old VAT associated.
• Click on the Product.

From the Edit Product screen,

• Scroll down to a field that labelled VAT Code.

• Check that the change you made has taken effect.

Changing the VAT rate does not change the retail price and will only change your margin by the increase/ decrease % made. If you wish to pass on the increased/decreased rate to your customers, you will now need to follow the steps below which will change your retail prices where the standard VAT applies to reflect the change to a new VAT rate.

The following method can be used to increase your retail price:

If you wish to restore the % VAT rate increase/ decrease to your Store/Web and/or Staff prices,

• back within Admin > Value Added Tax Setup > Edit, placing a tick in the Update Prices option.

The screen will refresh and present you with the option of updating your prices with the new VAT rate.

• Put a tick in the box of the Price Fields you wish to increase/ decrease.

You can choose one or all of these price options.

You may also specify whether these prices are to be updated in some of your Locations by highlighting the ones NOT to be updated.

Once you have done this,

• click on the Save button located at the bottom left of the screen.

Cybertill will now automatically create a price update which will change the prices of all Products with the new % VAT rate. As with the VAT Setup menu you can also stipulate which of your shops will be included in the price change.

The Price Update is located within the Admin menu under the Batch updates section.

• Find the Price Update from the list.
• You should now click the Apply Now link under the Actions Menu to update the price.

You will be notified on-screen once this has been completed.

Your standard VAT rate should now be amended and, where applicable, your retail prices will have been adjusted also.

After these changes, any Reports you run will use the VAT rate specific to each transaction, so the system will know which rate was used for each sale and reflect this in the report, even if the standard rate has been changed between when the sale was made and when you run the report. You don’t need to worry about the reports thinking the VAT rate was always the original % associated, it will handle the change without you needing to do anything more.