Further to our post back in December about the VAT rate increases, we’ve made some changes to all our UK client accounts.
We originally thought that the automated rate change should be opt-in, ie all your items would stay 15% VAT unless you manually changed them yourself.
Even with blog posts and a direct email newsletter, we only had 9 people that wanted their products changed for them. OK, we thought, everyone is on the ball, they’ll take care of it themselves. Looking at the logs this morning, we see that lots of you are still selling items at 15% vat. You can’t do this now that the rate has changed!
The repercussions of having lots of incorrect sales on your system would be a bigger headache than having to tweak your prices, so we’ve updated all T5 15% items to be T1 17.5%. This means that your gross prices (including tax) have gone up by about 2%, but your net (ex tax) prices have not changed.
If you want to update your prices, use the powerful spreadsheet import tools in Pearl. If you’re running on the latest version, you can use the data manager, otherwise use the price list import tool.
Multiply your current net prices by 0.9787 to keep your gross price the same as it was before.
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