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Level 1

REDUCED VAT RATE ON RECEIPTS FOR EXPENSES

How do I recognise a reduced VAT rate of 5% on business expense receipts?  Current options are No VAT/VAT exempt/20% rate - many thanks

Solved
Best answer August 10, 2020

Accepted Solutions
QuickBooks Team

REDUCED VAT RATE ON RECEIPTS FOR EXPENSES

Hello Debbiewakeford, 

 

Welcome to the Community page, 

 

If you click in the taxes tab in the main navigation bar>edit vat>edit rates> there will be a little cog wheel>click in inactive>there should be a 5% reduce to toggle on if not then you can click on add tax rates>  fill in the information and save. Then you should see the option when you create an expense. 

View solution in original post

3 REPLIES 3
QuickBooks Team

REDUCED VAT RATE ON RECEIPTS FOR EXPENSES

Hello Debbiewakeford, 

 

Welcome to the Community page, 

 

If you click in the taxes tab in the main navigation bar>edit vat>edit rates> there will be a little cog wheel>click in inactive>there should be a 5% reduce to toggle on if not then you can click on add tax rates>  fill in the information and save. Then you should see the option when you create an expense. 

View solution in original post

Level 1

REDUCED VAT RATE ON RECEIPTS FOR EXPENSES

Thank you so much!

QuickBooks Team

REDUCED VAT RATE ON RECEIPTS FOR EXPENSES

You're welcome Debbie😊😊 Any other questions just come back here and ask them in the Community.