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As you all know, the VAT must be changed on your systems prior to the start of trading in January. In order to change the VAT rate, please follow these instructions.
1. Change the VAT as soon as possible after the close of business on the 31st December
2. In the Head Office program, select Files, Miscellaneous Tables.
3. Now Select “System VAT Codes” from the drop down list
4. Select VAT code 1 and click the edit button
5. Change TimeStamp to 01/01/2010
6. Change VAT_Rate to .175
7. Click Save
That should be you all set.
If you want to change your prices globally you can select the option for Bulk Price changes and enter a factor to increase the prices by. The correct factor to enter is 1.021739 Please note that this will not round prices. Any “rounded” changes to a price point will actually put the price of the item back to the price it is now. For example, an item at £99.99 currently will move to a new price of £102.16, which you will still round to £99.99, so there is no point. Most people are going to gradually put their prices up after the January sales.
The VAT must be changed before you start trading on the 2nd of January.