Need a VAT code that is more suited to the needs of your business but can’t find it in QuickBooks? Here’s how you can create a new code.
Before you create a new tax code:
- Make sure is VAT is set up in QuickBooks.
- We recommend that you only create exceptional VAT codes, these are codes that are unique to your business and aren’t already available in QuickBooks. To see the full list of VAT codes and rates, read this.
- Note: If the VAT code is available but you can't find it in your QuickBooks, it may be turned off. Simply turn on the code by following the instructions in Step 4.
- For those in the hospitality, holiday accommodation and attractions industry, here's how to turn on the code.
To create a unique VAT code:
- Go to Taxes, then select VAT.
- Select Add Tax.
- Select the type of tax you want to add.
- Tax rate: add another tax rate for VAT, such as a local tax that is not already included.
- Group rate: combine multiple taxes and make applying them to your transactions easier. All taxes you include are calculated and charged at once, but we track them separately for you.
- Custom tax: add a tax agency and a tax percentage, such as an environmental levy, hotel, or petrol tax.
- Select Save.
Your new VAT code is now available when you create your next invoice/expense/bill.