March 2, 2021

2021 VAT Rate Changes

Changes to VAT affecting SAM

With the VAT rate changing to 23% on the 1st of March 2021, you will need to make the following changes in the SAM Accounts system.

In the Items Menu in SAM, click on Codes and Vat Codes. If you already have a VAT code with a 23% rate then skip to 2, below. If you do not have one then click Insert, enter a letter that is not already in use and enter 23.00 as the VAT Rate.

Under no circumstances should you change the existing 21% rate and Code.

In the File Menu, and System Options, in the General Tab, change the Default Vat to the letter you just created (or your existing 23% code) and click on Save and Close.

Note 1: Invoices entered prior to the first of September should be allocated at the 21% on receipt of relevant monies.

Note 2: In certain cases, after March 1st, the wording ‘21% VAT rate’ may appear on your printed bills, though the figures will reflect the new 23% rate. This will require an amendment to your Bill Layout Report. 

If this applies, please email info@keyhouse.ie to arrange for the rewrite. Alternatively, you can call us on +353 1 290 2222.

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