I'm looking for an explanation of each of the following VAT codes please:
20% ECS - EC Services Standard
0% ECS - EC Services Zero
0% RC - Reverse Charge Zero
20% RC SG - Reverse Charge Services
For example, what is the difference between 20% ECS and 20% RC SG? I understand net purchases & 20% VAT go in the same boxes for both.
If anyone can give examples for each category that would be great.
Hello and welcome, @JoF.
You've reached the US section of the Community, but based on the subject of your question regarding VAT (Value Added Tax), I suspect you may be using a different region. May I ask which version of QuickBooks you're using? This way I can get you in touch with someone who is sure to have the answers you seek.
Many thanks for reaching out, I'll be watching for your response.
Thanks for your question. If you import/buy goods or services from abroad to account for it you would use these codes.We would advise for an explanation of these codes and when to use them the best thing to do would be to contact HMRC,I have included a link to the specific page on their website here which discusses this in more detail.
Any further questions let us know