Sales tax for UK VAT

kookoo Member Posts: 1

I am setting up my first VAT registered company on Wave and, coming from Sage, I have a question about the various codes I used to use on there. I had the standard T1 for 20% VAT, T0 for 0% VAT and T9 for transactions that were left off the VAT return completely, such as journal transactions and certain financial transactions. Do I need to create all 3 of these in Wave? I there a risk that journal transactions will appear on the sales tax report?

Comments

  • Katie_SilkinaKatie_Silkina Guest, Unconfirmed, Applicant, Member, Administrator, Moderator, Employers Posts: 73 admin

    @koo welcome to Wave! You will definitely want to set up all 3 sales taxes separately. It could look something like this:

    In terms of reporting, on each transaction and journal entry, Wave will ask you to add a sales tax or categorize to the appropriate sales tax liability account respectively. If specific transactions or journal transactions do not require taxes to the added or shown on them, simply skip this step. You will always be able to confirm your entries within your Reports sections.

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