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How to create new tax rates in QuickBooks Desktop

SOLVEDby QuickBooks13Updated 2 years ago

For information about the new VAT rate changes for the hospitality, holiday accommodation and attractions industry, read this.

To create a new VAT rate:

  1. In QuickBooks Desktop, select VAT from the top menu.
  2. Select Manage VAT.
  3. Click Add a new VAT rate and hit Next.
  4. Select the appropriate VAT Agency and hit Next.
  5. Enter the appropriate name 12.5 HTR, then click Next.
  6. Enter 12.5 in the rates field.
  7. Select the last option <1, 6> VAT on Sales, Net Sales. Click Next.
  8. Enter 12.5 in the rates field.
  9. Select the last option <4, 7> VAT on Purchases, Net Purchases. Click Next.
  10. Assign a VAT code (for example, HTR), and hit Next.
  11. Review the summary and once you're happy with your changes, select Finish.

Check out this article if you want to learn more about the different types of VAT codes.

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