Note: This procedure involves adjusting your existing Standard Rate VAT code. If you would prefer create a new Standard Rate VAT code click here.

On 24 November, 2008, the Chancellor announced a decrease on the Standard Rate VAT to 15% for a period of 13 months. On 1 December, 2008, the Standard Rate VAT will change from 17.5% to 15%. If you track VAT, below is a list of information you will need to make the necessary changes in QuickBooks. For more details regarding the VAT rate changes, visit the HMRC Web site.

Intuit is unable to advise which VAT rate should be used for transactions that span the two rates. Please refer to the HMRC detailed VAT Guide on which Standard Rate VAT to use for sales that span 1 December, 2008. If you are still unsure, please contact the HMRC National Advice Service (0845 010 9000).

• To update the Standard Rate VAT, click here.
• If you need to make changes to existing invoices and purchases created prior to 1 December, 2008 for Standard Rate VAT, click here.
• If you need to enter new historical transactions (that take place before 1 December, 2008) using the old VAT rate, click here.

• To update the Standard Rate VAT, click here.
• If you need to make changes to existing invoices and purchases created prior to 1 December, 2008, click here.
• If you need to enter new historical transactions (that take place before 1 December, 2008) using the old VAT rate, click here.