How should the master VAT rate be changed in a system?

As mentioned in a previous post, there can be more than one way to implement the change in standard rate in a system, where multiple rates are allowed.

Sage have announced the following recommendations for their Line 50 / Sage 50 software:

1. The master rate (usually T1) should be changed to 15% for 1 December to avoid problems with system defaults
2. A new rate code (say T3) should be set up for 17.5% to handle raising credits for pre-December sales, if required
3. Supplier invoices that are standard-rated should be entered as T1, and the calculated VAT amount over-typed to match the invoice
4. Other detailed advice, especially where cash accounting is being used

This is likely to be the general approach in many systems large and small, but is worth checking with the software provider.