I’ve seen announcements from a few other accounting software companies this morning about how they’ve upgraded their systems to deal with the new VAT rate as from Monday. All very odd. We’ve not had to change a thing in KashFlow to support it – I guess that’s just a sign of how flexible it is. The only thing we will be doing is changing all accounts with a default rate of 17.5% to have a default rate of 15% as from Monday morning.
The big thing that other vendors seem to be overlooking is the Flat Rate Scheme. If you’re VAT reporting period has this change of rate in the middle of it then you have to essentially do two reports – one on the old rate and another on the new.
Needless to say, we have added something to KashFlow to deal with this as detailed in our Change Log page.
I’m sure this will become a big issue for users of other software once the smoke clears.