Adding Tax and VAT rates in GetGoing ensures that tax details are accurately recorded for all expenses, making compliance and reporting easier. Set up rates based on your business’s operating regions to streamline the process.
Setting up Tax and VAT rates in advance helps maintain consistency and saves time on every expense report.
1. Navigate to your Expense Policies
From your dashboard, select the Policy tab, then go to the Expense Policies page. Here, you can set up and manage tax rates for a more accurate reflection of your company’s expenses.
2. Click on the Tax & VAT Rates Section
In the Expense Policies page, scroll to the Tax & VAT Rates section and click "view". This is where you’ll add or edit any applicable tax rates.
3. Add New Rates
Click “Add New Rate” to create a new tax or VAT rate. This opens a form where you’ll enter details specific to each rate. You can also edit existing rates.
4. Fill in Required Fields
Complete the following fields:
- Country: Specify the country this rate applies to.
- Merchant Country: If different, select the merchant country where this rate should be applied.
- Rate Percentage: Enter the tax or VAT percentage.
- Rate Display Name: Provide a name for the rate that will make it easy to identify, such as “UK VAT” or “US Sales Tax.”
5. Click "Save"
After filling out the necessary fields, click “Save” to add the new rate. It will now be available for employees to apply to relevant expenses.