One thing that tends to be a bit of a mystery to a lot of Sage 50 users is the Chart of Accounts, so here I’m going to explain the What, Why, When & How. What is the Chart of Accounts? The Chart of Accounts (or COA) is the area of Sage where you configure how your Sage Profit & … Read More
What VAT Code should I use for bank charges paid?
At Sage Accounts Solutions we get so many questions about tax codes. We’ve had lots of recent questions arise in our Facebook Groups too, where like minded Sage users hang out and help each other with queries just like this. If you’re not already a member, then please join us! What code should you use for bank charges paid? It … Read More
Do I need to upgrade my Sage 50 software if I am voluntarily registered for VAT due to MTD?
If you are voluntarily registered for VAT you will now need to change the way you submit VAT returns. This came into effect from April this year (2021). Preparing for MTD By April 2022 all businesses registered for VAT will need to be registered for MTD. This will be a legal requirement. The best way to prepare for this is … Read More
Changes to wording on VAT returns from 8th April 2021. What’s changed and why?
The way in which VAT returns have been worded has changed, this was implemented as of the tax year 2021/22. The wording will not impact your VAT return or the way you should report. It’s been introduced to measure clarity to the recent changes due to Brexit. If you are using Sage 50 in order to prepare your VAT returns … Read More
