UK VAT and Quebec QST Changes

Well what would a new year be without a change in tax and VAT rates?

Quebec sees their QST rate move from 7.5% to 8.5% (12.5% to 13.5% with the federal portion) as of January 1, 2011 and the UK sees a jump from 17.5% to 20% for VAT (ouch!).

We’re updating our database rates so new users will automatically start out with the new rates, but if you have been using myTooq.com for a bit, you have a little housekeeping to do. Essentially, you have create a new tax/VAT item and a new VAT rule. I’ll walk you through it:

1. Log into your account on myTooq.com

2. Click on the ‘settings’ tab

3. Click the VAT (or Sales Tax) button

4. Select “Add a New Tax”

5. Enter the name (UK VAT 20% or QST 13.5%), the registration number and the new rate (20% or 13.5% in these cases). Click Enter.

6. Click “Add a New Rule” and enter the details for the rule, selecting your newly created VAT item to go with it.

7. Update your item and client lists to use the new rule by default. You can do this as you finish invoicing people for 2010, or manually override the tax rule used when you invoice choosing to update everything now or later depending on your workload.

I’m realizing that we can improve on the tax rate updating in a few ways to make this easier to do. I will create a record in our tracking system to have a look at this when we have a bit of time and the next time round should be even easier than this one.

Thanks!

-Brian

 

***Update – December 2012****

Looking for info on the most recent change? You can find it here: https://mytooq.wordpress.com/2012/12/19/more-qst-changes/

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