VAT Rate Increase 2011
Schools should be aware that the standard rate of VAT will be increasing to 20% as of the 4th January 2011.
This rate will need to be changed in both Dinner Money and FMS. Ideally, this should be changed before schools break up for Christmas.
There are two stages to this process for FMS. Firstly, the new rate will need to be defined in the system and secondly this new rate will need to be applied to each Ledger Code defined in FMS.
Documentation detailing how these changes are made in both FMS and Dinner Money are available here:
Primary schools will also need to complete their Dinner Money Banking Return before the end of term otherwise unbanked items will have the new VAT rate applied to them. Schools should also increase their staff meal charges accordingly along with any other meal charges that are subject to VAT.
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Last Updated (Thursday, 31 March 2011 08:04)