Creating a VAT rate is very easy, lukas.
You'll have to set up an additional tax rate for the 5% "EC Good Reduced".
Here's how:
- Go to Taxes.
- 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.
- Click Save.
Please read this article for the detailed steps: Set Up And Edit VAT Settings, VAT Codes, and VAT Rates.
For future reference, you can also run reports in QuickBooks Online to get the information you need for your business.
Keep in touch if you need anything else. I'll be right here to assist you.
