The channel module in Tradebox One contains a list of all of the external sales channels Tradebox is integrated with. Each channel in the list contains the configuration settings including the VAT settings. These are available in a drop down list from the global Tax Rates table in Maintenance > Tax Rates. To access the Channel VAT settings double click on the channel in the list and select the VAT tab.
Tax codes in the channel VAT table relate to income from:
And are split into sales from:
- Rest of World (ROW)
Default Tax code settings are dependent upon whether the company is VAT registered or not, which is covered during the setup of the software. For VAT registered businesses the default tax codes are:
- UK = Standard Rated
- EU = Standard Rated
- Rest of World (ROW) = Zero Rated
For businesses that are not VAT registered the default settings are:
- UK = Non Vatable
- EU = Non Vatable
- Rest of World (ROW) = Non Vatable
For VAT registered businesses Tradebox assumes that EU sales will be conducted with consumers rather than businesses and allocate EU sales to a Standard Rated tax code. However, if EU sales are conducted with businesses then the user has the option to tick 'All EU Sales are B2B' which will apply a zero rated tax code.
A list of Tradebox tax codes can be found in Maintenance > Tax Rates. There are 5 default tax codes in this table:
- Zero Rated (0%)
- Standard Rated (20%)
- EU B2B Sales (0%)
- Non Vatable (0%)
- Reduced Rate (5%)
In this screen Tax codes can be added, deleted or amended, as required.
Where the user has integrated their channel with an accounts package, the Tradebox Tax codes are mapped to the corresponding accounts tax codes. This mapping is found within the Channel under Accounts > Tax Codes.