I have a client that has recently registered for VAT and has bills and travel receipts from the EU that have different VAT rates depending on the country. Can I simply add new VAT rates to Quickbooks and apply so that he can reclaim the tax? Eg. Apply a 21% VAT rate from The Netherlands to his bill? Is it that simple?
When charging tax to customers in the EU, you can use 20% Standard VAT if they're registered. If they're not VAT Registered company, you can use the 0% ECG or ECS codes so that the purchaser of your goods/services can account for VAT at their acquisition rate. However, I highly suggest reaching out to the HMRC or your accountant for further guidance.
Just in case, I'll add these articles for future reference:
No, that's not the issue, I'm all set up for my sales invoices.
How do I account for the VAT on his supplier's bills? For example he has been given a bill for €121 that includes VAT at 21%. He also has Subsistence receipts when travelling that include different VAT rates. He would like to claim back the VAT. I have a month's worth of bills from suppliers that include VAT, I assume because they weren't aware at the time that my client was VAT-registered.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
We have to collect some data when you use this website so it works and is secure. We'd also like your consent to collect data to study how people use our site. Doing so helps us improve our services and allows us to tailor the marketing you see on our site. Select 'Accept cookies' to agree or 'Cookie settings' to choose which cookies we use. You can change your mind at any time by clicking the 'Manage Cookies' link.
Choose your cookie preferences
Some cookies are needed to make our website work and can't be turned off. But we need your consent to use others that are not essential. You can make your choices below and update them at any time using the 'Manage Cookies' link. To find out more, visit our Cookies Policy.
These cookies are necessary for the site to function. They also help us keep your data safe.
These cookies allow us to enhance your experience and remember your preferences, region or country, language, and accessibility options.
These cookies tell us how customers use our website. We study and organize this data to help us optimise our content and provide you with personalised experiences.
These cookies help us provide you with relevant communications and ads in our products and on other sites.