Recent VAT Changes
With the recent VAT changes we thought it might be useful to give you a quick reminder of how to change the tax settings on your Bang store and a quick overview of how VAT is managed.
Steps to changing your VAT rate:
Simply login to the administration area
Got to Taxes, Tax Zones and select the zone with 0.2100 and update it to 0.2300
Click Save and you’re done!
Please note if you do move to the new rate, all of your historical orders will display as if they were changed at the new rate. This is just a matter of display, as these orders would have been charged at the rate applicable at the time.
How VAT is calculated:
Product prices within Bang are inclusive of VAT. This means that the new 2012 VAT increase will decrease your profit on products with that are taxed at 23%. If you wish to pass on the VAT increase in your products you need to manually edit the product price on each product.
If you have a lot of products that require price increase our support staff can help you mass update your product pricing. For more information, please contact peter@denobi.com.
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