Edit a tax rate
Edit a tax rate, including default tax rates. There are some tax rates you can't edit.
About editing tax rates
- The edited rate will apply to new transactions. Existing transactions retain the rate at the time they were entered, unless you edit the transaction.
- If the HMRC changes a tax rate, add a new rate rather than editing the existing rate. You may need to enter historic transactions using the old rate. Give the new rate a name that distinguishes it from the old rate.
Rates you can and can't edit
You can edit:
- A locked tax rate, as long as it hasn't been used in a transaction.
- A tax rate name, even if it is used in a transaction.
- A component name, even if it is used in a transaction.
- A component of the tax rate, as long as it hasn't been used in a transaction.
You can't edit the following tax rates:
- 'No VAT (0%)' as it is used by Xero system accounts.
- 'VAT on Imports' as it is used by the VAT Return for tax that is fully refundable.
- Tax rates and fields that are greyed out.
Edit a rate
- On the Settings menu, select General Settings.
- Under the Organisation heading, click Tax Rates.
- Click any tax rate to see the rate's details.
- Make your changes.
- Click Save.