The standard VAT in Finland will change 1st September 2024. In MyCashflow, this has been anticipated with an automatic update of VAT rates in all online stores, targeting products with a 24% tax rate. This article provides information about the update and possible further actions related to it.

1st September 2024 right after the day changes, an automatic update will be run in all MyCashflow online stores, changing the tax rate of all products with a 24% tax rate to the new 25.5%.

The update does not change the prices of products whose prices are displayed in the online store including tax, so the portion of tax in the product price increases. It might be good to revise the prices of the products after the update.

If your online store has a B2B version, where prices are presented without tax, the update will affect the final price of the products as the tax rate increases.

Check all integrations and your own CSV import files for tax rates.

MyCashflow API and CSV import will continue to accept a 24% tax rate in product information updates, so integrations implemented with MyCashflow API and any regularly used CSV import files should be checked and corrected for incorrect tax rates if necessary.

Ensure, if necessary, that the developers of the integrations are prepared for the tax rate update at the beginning of September.

MyCashflow and any third-party services are responsible for the functionality of MyCashflow's extensions.

The automatic update of tax rates does not affect orders.

If there are orders in the online store that were made before September but are paid after 1st September 2024, you must change the tax rates of the ordered products on the order page when processing those orders.

See instructions for editing the product content of orders

Updating product prices

After updating the tax rates, it may be a good idea to adjust the prices of the online store's products based on the new tax rate.

Changes can be made using either the product mass editing tool or the CSV tools. The procedure includes the following steps:

  1. Storing products with a 25.5% tax rate in a reusable saved search
  2. Updating prices as needed either

Filtering out products with a 25.5% tax rate

After the automatic tax rate update, you can find the new 25.5% tax rate products most easily by using a saved search, which allows you to filter products for both the mass editor and CSV import:

  1. In the admin panel, go to Products.
  2. Create a new saved search by pressing Create saved search in the left-hand menu.
  3. Define the conditions as follows:

    Include > Property > Tax > = > 25.5

  4. Press Search and make sure the search works.
  5. Save the search and give it a recognizable name (e.g. 25.5% tax rate products).

Now you can use the saved search either in the product bulk editing tool or in the CSV import to easily target changes to the right products.

Updating prices using the product bulk editing tool

Using the bulk editing tool is most convenient when the number of products to be processed is relatively small, as prices cannot be calculated automatically with the bulk editor, but are updated one by one for each product:

  1. Go to the Products page.
  2. Select the saved search for the 25.5% products you created from the filter menu at the top and press Search.
  3. Select all products on the list and press Edit selected products above the product list.

    The bulk editing tool opens.

  4. Open the Product columns to be edited menu above the product list and select Selling price as the field to be edited.

    A new Selling price column will appear in the bulk editing tool.

  5. Enter the new price you want as the selling price for each product line.
  6. Finally, save changes.

Updating prices with CSV tools

The best way to change prices is to use CSV tools if there are many products and you want to calculate prices, for example, using Excel calculations.

In connection with the change in tax rates, an update has also been implemented in MyCashflow, where the tax rate and tax-free price have been added to the CSV export of variation products to facilitate recalculating prices in the spreadsheet.

  1. Go to Reports > CSV Export.
  2. Make 2 separate CSV exports (Products and Product variations).

    Select the saved search for products with the 25.5% tax rate that you previously created in the export settings. In this case, the export file contains only products whose tax rate has been updated automatically.

  3. Select at least the following information for export files:
    • Products: Product ID, Product name, Price without tax, Tax rate, Price
    • Product Variations: Variation ID, Variation name, Price without tax, Tax rate, Price
  4. Make changes to the files in the spreadsheet (use the tax percentage column to recalculate the values in the price column for all rows).
  5. Import the files back to the online store on the Reports > CSV Import page.

    Select again Products and Product variations and use the correct files.

After the import, the products and variations found by the saved search will have the new price you set in the spreadsheet.