VAT back to 17.5%

Happy New Year!

We’ve just done a small product release to bring the default rate for UK organisations back to 17.5%.

While some things have been automatically reset for you from 15% to 17.5%, there are some specific items we’d prefer you to check and reset yourselves just to make sure you have the right rates for your business.

Thus, after rubbing some more Xero brain cells together on the subject, we opted to take a small detour around some of the guidance we gave in December’s blog post – the upshot is we chose not to update all your upcoming repeating transactions as we said we would. Ultimately, we concluded that it would be inappropriate for us to change your overall repeating invoice amounts without your input (which would have happened with a rate change) so you’ll need to check and adjust these rates for any repeating invoices you have setup where appropriate. While this may give you a little extra work if you happen to have more than a handful of repeating invoices (if you’re having to do this with a bit of a hangover then we’re sorry!) – but we concluded that, all up, this was still the best approach. In some cases, you might also like to check default rates you’ve used in your Chart of Accounts – while these will be automatically updated for the most part, edited default rates might need to be confirmed.

Refer to our Help Centre – How do I deal with the VAT rate change from 1 January 2010 to see the full list of changes either made by us or required by you.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Xero scoops Company of the Year at annual Hi-Tech Awards

I’m proud to announce that on Friday night, Xero was awarded Hi-Tech Company of the Year at the annual Hi-Tech Awards gala dinner. The event was attended by more than 700 guests and held at TSB Arena in Wellington, New Zealand. Xero took out tough competition from other finalists in the category, including ARANZ Geo, Serko and ...

Xero ranked #1 Forbes Most Innovative Growth Company 2015

We’re extremely proud to announce that once again Xero has placed top on the Forbes 100 Most Innovative Growth Companies list. This is our second straight year in the number one spot. The Forbes list recognises firms that investors expect to be innovative both now and in the future. It’s wonderful for Xero’s current innovation ...