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Thank you for posting your concern here in the Community, sales249.
Allow me to share information on what VAT do you need to use when entering invoice amounts.
You'd want to consider the type of products or services when choosing the VAT code to use in the invoice. Let me share the difference between Zero rate VAT and No Vat code.
Zero rate Vat Code is used for goods and services that taxable for VAT, but the VAT rate is zero percent. While the No Vat code is for exempt or ‘out of scope’ products and services that you can’t charge VAT on. This type of transaction is not reported on the VAT returns.
For more details about VAT, you can check out these articles:
I'd also suggest consulting with your accountant so you'd be guided in making sure that you're using the correct VAT code and charging the right amount.
Please leave a comment below if have more questions about the VAT code. I'm always here to help. Have a good day!
Thank you for posting your concern here in the Community, sales249.
Allow me to share information on what VAT do you need to use when entering invoice amounts.
You'd want to consider the type of products or services when choosing the VAT code to use in the invoice. Let me share the difference between Zero rate VAT and No Vat code.
Zero rate Vat Code is used for goods and services that taxable for VAT, but the VAT rate is zero percent. While the No Vat code is for exempt or ‘out of scope’ products and services that you can’t charge VAT on. This type of transaction is not reported on the VAT returns.
For more details about VAT, you can check out these articles:
I'd also suggest consulting with your accountant so you'd be guided in making sure that you're using the correct VAT code and charging the right amount.
Please leave a comment below if have more questions about the VAT code. I'm always here to help. Have a good day!
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