From the Omni Trader Bundle onwards, the Omni VAT Control switch is enabled. VAT Codes are then captured on all accounts, such as Customers, Suppliers, Stock and Nominal Ledger. This helps ensure that the correct VAT Code is used when transactions are processed against the account.
The VAT Codes can be set as one of the following types:
- Not Registered
- Zero Rated
Other types are available for EU and foreign countries. See HMRC – Making Tax Digital if you are in the UK.