I'm here to guide you in setting up an extra tax rate in QuickBooks Online (QBO), @9130348940897566. This way, you'll be able to comply with the EU reverse charge scheme and keep your account accurate.
The EU reverse charge scheme moves the responsibility for the recording of a VAT transaction from the seller to the buyer. To set up an extra tax rate, you'll have to select the Add tax button on the Tax Centre page. For the detailed steps, here's how:
- In the Tax Centre, select Add Tax.
- Choose which type of tax rate you want to set up.
- Enter all the necessary details of your tax rate.
- Select Save.
In case you wanted to change your tax rates, I'd recommend creating a new one instead of updating the existing rate. This way, there'll be no transactions be affected in doing so. If you wish to know more about this, you can refer to this article: How do I set up sales GST/VAT rates and use them on forms?. It also contains instructions about deactivating and adding group tax.
After setting up the extra tax rate, you'll no be able to use it in your transactions. For the step-by-step guide, you can refer to this article: Applying Tax to Transactions and Sales Forms.
Additionally, I'd also recommend consulting your accountant in setting up the EU reverse charge scheme in your QBO account. This way, you can keep your books accurate and make sure you can submit the correct VAT return.
Please let me know if you have other concerns. I'm just around to help. Take care always.
