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Updating prices when adding taxes
Posted: Wed Mar 24, 2021 5:43 pm
by 14Steve14
From the 1st April I have to start charging VAT on my products. I notice that when I add a tax class to a product it adds the 20% UK VAT onto the current price. Is there an easy way to add the tax class but keep the prices the same so that the current prices include VAT. One way I thought was to copy the products net price into the gross price column.
Also whilst here, on the other forum I posted about using phpmyadmin, or sql, to update all the products at once so they include the VAT tax class but cannot find the post where the sql code was mentioned. Would anyone be kind enough to put it here again as messing with the database worries me no end.
I hope this makes sense to someone.
Re: Updating prices when adding taxes
Posted: Wed Mar 24, 2021 6:14 pm
by raiwa
You could update your prices in the database by sql query:
Code: Select all
UPDATE `products` SET `products_price`= (`products_price`/1.2)
where 1.
2 would compensate 20% VAT
As always, make a db backup befor applying this!
Don't forget to update also the specials in a similar way!
Or use the old addon "Price Adjusting Utility" (requires update to Phoenix)
https://apps.oscommerce.com/KhJTa&price ... ng-utility
Re: Updating prices when adding taxes
Posted: Wed Mar 24, 2021 6:40 pm
by 14Steve14
Cheers @raiwa I have copied that to a safe place this time and will try it later on the test database. This changing to VAT is a nightmare trying to figure out all the changes that need to be added to all the business paperwork and website. Still I am getting there. Thanks for the help.
Re: Updating prices when adding taxes
Posted: Thu Mar 25, 2021 9:59 am
by burt
This works well. Ireland reduced VAT (don't know why, maybe Covid related) to help with sales. Then they recently upped it again.
A quick SQL worked well, both ways.
Re: Updating prices when adding taxes
Posted: Thu Mar 25, 2021 5:40 pm
by 14Steve14
burt wrote: ↑Thu Mar 25, 2021 9:59 am
This works well. Ireland reduced VAT (don't know why, maybe Covid related) to help with sales. Then they recently upped it again.
A quick SQL worked well, both ways.
Cheers Gary. I have some manufacturers products that are being sold at the RRP less a small discount as per an agreement with the manufacturer, so as not to discount too high, and I don't want to have to alter all those prices individually, hence the question. There are far less of the other products to actually increase the prices manually.
Re: Updating prices when adding taxes
Posted: Thu Mar 25, 2021 6:28 pm
by Xpajun
14Steve14 wrote: ↑Wed Mar 24, 2021 5:43 pm
From the 1st April I have to start charging VAT on my products. I notice that when I add a tax class to a product it adds the 20% UK VAT onto the current price. Is there an easy way to add the tax class but keep the prices the same so that the current prices include VAT. One way I thought was to copy the products net price into the gross price column.
Just wondering if you've thought this through Steve - if you do as you want by including VAT in your existing price you are effectively losing one fifth of your current sale price.
If I remember correctly, on the advice of my acountant, I put my end price up by about 10% when I had to register for VAT.
I don't envy you with the price hikes being applied from April 1st on raw materials
Re: Updating prices when adding taxes
Posted: Fri Mar 26, 2021 12:33 pm
by 14Steve14
Xpajun wrote: ↑Thu Mar 25, 2021 6:28 pm
14Steve14 wrote: ↑Wed Mar 24, 2021 5:43 pm
From the 1st April I have to start charging VAT on my products. I notice that when I add a tax class to a product it adds the 20% UK VAT onto the current price. Is there an easy way to add the tax class but keep the prices the same so that the current prices include VAT. One way I thought was to copy the products net price into the gross price column.
Just wondering if you've thought this through Steve - if you do as you want by including VAT in your existing price you are effectively losing one fifth of your current sale price.
If I remember correctly, on the advice of my acountant, I put my end price up by about 10% when I had to register for VAT.
I don't envy you with the price hikes being applied from April 1st on raw materials
Thanks for the advice. I have thought it through and talked with the accountant. Its is a nightmare situation that we have. There are lots of my products that have a recommended retail price and we are currently selling at these prices less 5% or 10% depending on the supplier just to keep our prices level with other sellers without undercutting them, which is the only way the supplier will sell to us. If I add VAT at 20% to the prices it puts us over the RRP, which will make things uncompetitive, obviously and those prices will require lowering. There are in fact less of the other products on the website so it should be quicker (famous last words). The plan is to make the change to the prices so they all include VAT, reduce all the prices using the code above, and then update all the other prices for the parts that we buy in bulk and split. Nightmare I know, but it seems to be the easiest way to do it.
I have a way of printing a price list so should be able to workout the prices quickly. again famous last words.
Hopefully like you say all the other prices will go up about 10 - 15% or may be more in some cases on most of the products. Its going to be a case of finding the balance.