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ShahzadMatloob
Level 1

Flat rate discounted rate in first year

When adding VAT flat rate, Quickbooks mentions following line:

 

"If this is your first year on flat rate VAT you may be entitled to a 1% discount rate. "
 
Does Quickbooks takes account of discount on its own because we give the date of registration in the next field? Or do we have to give discounted rate and then increase it with 1% after one year
Solved
Best answer February 08, 2023

Accepted Solutions
Ashleigh1
QuickBooks Team

Flat rate discounted rate in first year

Hello Shahzadmatloob, 

 

Welcome to the Community page, 

 

You will need to enter the discounted rate as the FRS rate then change it when the discount ends. 

View solution in original post

2 REPLIES 2
Ashleigh1
QuickBooks Team

Flat rate discounted rate in first year

Hello Shahzadmatloob, 

 

Welcome to the Community page, 

 

You will need to enter the discounted rate as the FRS rate then change it when the discount ends. 

ShahzadMatloob
Level 1

Flat rate discounted rate in first year

Hi Ashleigh

 

Thank you for your prompt reply.

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