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kcc12
Level 1

How do you do you take 20% tax off?

 
1 REPLY 1
ReymondO
QuickBooks Team

How do you do you take 20% tax off?

Hey there, @kcc12.

 

You can create a VAT adjustment to take the 20% tax off in QuickBooks Online. 

 

The program allows you to adjust your VAT return before you submit it to HMRC. However, any manual adjustments you make to your return will impact your VAT control and or VAT suspense account. 

 

If you're not sure about making an adjustment we recommend you speak to your accountant. This will make sure that you do the conditions that were set by the HMRC.

 

 If you would like to create an adjustment, follow the recommended steps provided in this article: How to adjust your VAT liability QuickBooks.

 

In addition, you can run the VAT Detail report to view the list of transactions that are in each box on the VAT return. You can also run the VAT Summary report to view the summary of information for each box. 

 

I'm just a reply away if you have other questions with QuickBooks Online. Just add the details of your concerns in this thread and I'll help you out.

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