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Hello,
Our company is based in Ireland. We normally are not invoicing for VAT as we are a trade company that trades internationally and so no VAT. (Any different opinions?)
We have just paid a supplier in Spain for some work and they included Spanish VAT on their invoice as the work is to be performed in Spain. Should I set up Spanish VAT in QBO to address this amount that we paid?
Also, we are beginning to do a consulting project for a company in Spain and will be invoicing them for the work over the next 6 months. I assume we should invoice with VAT (Spain) included. Do I need to set up Spanish VAT in QBO to address the amount we will invoice for VAT?
Thank you.
It's good to see you here, @markatmakinity.
Let me provide few details about VAT rates in QuickBooks. The number of tax codes and rates used to track the items depends on which region the business is located.
Since you're using QuickBooks Online in Ireland, a default set of GST/VAT codes is automatically created for you. These represent the most commonly-used GST/VAT rates and you can also add additional tax rates.
If you want to add another rate, ensure to turn on tax tracking. Here's how:
Then, create additional tax rates:
For more details, feel free to review this article: How do I set up sales GST/VAT rates and use them on forms?.
Additionally, here are some guidelines to help you apply sales tax to sales forms in QuickBooks.
Just leave another reply if you need more help with VAT in QuickBooks. I'll be around to help you. Keep safe and good day.
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