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Setting up Tax Management
Setting up Tax Management

How to add taxes and create tax schemes?

Raili Vunk avatar
Written by Raili Vunk
Updated over a week ago

For some products, you may need to add taxes in addition to the policy premium and commission. For this, taxes need to be added to the system and tax schemes need to be created. This article gives you an overview of how to set up tax management in your system. 

Enable tax management

Before you can start adding and managing taxes, you need to enable "Tax management" from your system settings. To do this, go to "System management" by clicking on the "settings" button on the upper right corner. Then, open "Tax settings", click the checkbox and simply save the settings.

Once taxes have been enabled, two additional fields appear under tax settings: "Taxes" and "Tax schemes". 

Add taxes

By clicking on "Taxes" from your system settings, you can see the settings which specify how taxes are stored and calculated in the system. To add taxes, click on the "+" button. 

If you add taxes, you have plenty of options to choose from how you would like the taxes to be calculated and paid. You are required to add a name to the tax and the type - this specifies how the tax is calculated. You can also select who you want to be paying for this tax, if you want the tax to be shown on the invoice, choose the reporting specifics and if the tax is calculated as a percentage or a fixed sum. Click "Save" and the tax is added to the list.

Now you need to specify the value of the tax you just added. To do that, click on the tax name and an overview opens. 

Under "Tax Options" you can add a tax value and also the starting date of this value. When you need to have multiple options for a certain tax, simply add multiple values from here as well. This way you will have an option when adding a policy.

Note: Make sure that the date range you have entered is valid, otherwise the tax option will not show! 

Now, to be able to link the added tax to the products (and make them appear on policies), you need to add a "Tax scheme". 

Add tax schemes

From the "Tax schemes" in your system settings you can specify how taxes are added to policies and fees. You also have a possibility to configure different schemes with your taxes, for example you can add up to 3 taxes to be used at the same time for specific products.
Note: Tax Scheme needs to be created even if there is only 1 tax that is used!

Before you can see and choose taxes when you are issuing policies, these taxes need to be linked to the products. Go to this article to read more about it. 

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