QuickBooks Team

Other questions

I can share some insights about VAT codes,@subvick-ltd.

 

QuickBooks Online automatically sets up a list of VAT codes for you to choose. Either VAT Code/Rate, Exempt, and No VAT. To know there difference, I've added this link that also provides the lists of codes: Common VAT Codes.

 

Also, I'd recommend reaching out to a tax expert or the EU, UK tax agency for further guidance in choosing the right VAT code.

 

However, if you’re on the Flat Rate Scheme (FRS), some of these codes will not post in the same way. Unlike the standard VAT, you usually pay to HMRC between business charges and business pay for the purchase. While the FRS keeps the difference between the VAT charged on your sales.

 

Once you're done choosing the right VAT code, you'll want to check this link for future guidance when you’re ready to submit your VAT return. This provides detailed information in processing your return efficiently.

 

In case you need further assistance in managing your VAT codes, let me know by leaving a comment. Keep safe!

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