Once VAT classes have been named, VAT schemes can be created which link VAT classes to specific percentages. These VAT schemes can later be selected in the Financial tab of the project.
For example, by using the VAT scheme in the screenshot above, items in a project (screenshot below) that are assigned "High rate" will be charged 23% VAT, while the ones assigned "Low rate" will be charged 10%.
To edit or create a new VAT scheme, go to settings Configuration > VAT schemes (under financial).
VAT Schemes have three options:
- Rates: These are the VAT classes that you've configured in Rentman (High, Low, Zero, etc.).
- Fixed rates: A single rate that will be applied to the entire project.
- VAT reverse charge: A 0% rate, e.g. for a foreign customer.
Note: You cannot update a rate once it has been used, but you can set a new standard/default rate from the menu, and use that going forward.
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