In situations where we are confident, for example when a transaction category is Bank Fees, we will mark this transaction as Exempt as soon as it comes in.
In some situations we will apply a rate and let you know. For example, in most situations Insurance transactions are Exempt VAT, in this instance we will apply Exempt, but let you know:
In certain other situations, when we are not as confident, we will suggest you apply a rate, for example:
In all these instances you can change the VAT rate applied at any time. Just head into the transaction in question and you’ll be able to select from a full list of VAT rates.