What is happening?
The standard rate of Irish VAT is due to revert from a temporary cut of 21% to 23%.
This will take effect from 1 March 2021.
How does this affect me?
If you are based in Ireland, you will need to make the following changes. Please note: these steps should only be followed if you would like to change your VAT rate while retaining your final selling price.
Step 1. Create a new tax rate
- Click Setup
- Click Sales Taxes
- Click the Add Sales Tax button.
- In the pop-up window, name your tax and type in the tax percentage.
- If you would like to keep the final retail price the same, DO NOT tick the option to change the tax used by products to this new sales tax instead of an existing sales tax
- Save your tax
Step 2. Change your individual product sales tax
- Click on Products
- Click on Export List
- Open the CSV file that will download to your computer
- Under column tax_name change the tax name to the new sales tax you created
- Under column tax_value, delete the tax value and leave this column empty
- Remove all inventory columns especially if you are trading while making these changes
- Save the file
- In Vend, click on Import
- Import the CSV file
(Please note: Always keep a backup copy of your product list before making these changes)
Step 3. Change your default account sales tax
- Click Setup
- On the General Setup page, click on the drop-down under Default Sales Tax and choose the new sales tax from the list.
- Click Save
- You may need to reset your data to reflect the changes. Click the links for Mac/PC and iPad
- You should only make these changes when you are not trading to avoid selling at incorrect prices
- If you run into any troubles, for example your retail price decreased, please contact Support via Chat or Phone.