Platinum now supports the revised VAT treatment of caravans that are longer than 7 metres (m) or wider than 2.55 m, and which do not meet British Standard 3632:2005 (mainly static and large touring caravans). This change comes into effect as of 06/04/2013, and when Platinum is used on or after that date, the new rules will be applied.
- If your business involves the sale of caravans as described above, you will need to configure your system to indicate which VAT rate to use for the "Reduced Rate" (5% at the time of writing). To do this you should navigate to "Vehicle Sales" -> "Maintenance Options" -> "Parameters" -> "Invoicing - Sale Vehicle", against "Reduced V.A.T. Rate".
- The hopefully small number of new vans affected which were purchased prior to that date, but which have not been sold yet will need to have the purchase VAT manually adjusted on the vehicle details in order that Platinum can calculate sales VAT in the correct ratio.