The system is designed to automatically notify all users as soon as a new tax rate is introduced, Craig. I am more than happy to discuss this in further detail with you.
First, it's important to note that QuickBooks Online (QBO) strictly follows the regulations set by your tax agency. Additionally, QBO will automatically update its system to include any new rates, ensuring that your financial reporting is always accurate and compliant.
As you await these updates, you have the option to manually create and input new rates in the system, ensuring that your financial records are kept current and accurate.
Here's how:
- In the Tax Centre, select Add tax.
- Choose which type of tax rate you want to set up.
- Enter the details of your tax rate.
- Select Save when finished.
Furthermore, if you need to modify a specific VAT rate in QBO, you can consult this resource for guidance on the impacts of changing VAT rates and for help with making the necessary adjustments: Edit VAT rate in QuickBooks Online.
You're always free to revisit this thread if you need any clarifications about your VAT rates or have more questions. We're here to offer prompt support.
