To create a new VAT rate:
Click System, VAT, VAT Rates
On the top bar, click New.
Enter data into the following fields:
Code: User preference
EC Type: European Commission applicable
Description: To describe the rate for other users
Rate: The vat rate used on this VAT Type
VAT Recovery Type:
Fully Recoverable
Partially Recoverable
Non-Recoverable
VAT Return: VAT Type specific
Click Save. Once this VAT Type is created it can be applied further in the system to various records/invoices/transactions etc.