Standard VAT nominal codes

INPUT VAT – where all of the VAT from your purchases is stored. When a purchase invoice is created, the VAT from this invoice is moved to the Input VAT code.

OUTPUT VAT – where all of the VAT from your invoices is stored. When a sales invoice is created, the VAT from the invoice is moved to the Output VAT code.

VAT Control – when you run a VAT return for your account, the balances from the Input VAT code and the Output VAT code is moved to the VAT Control code to calculate your VAT liability.