Thank you for dropping by the Community today, michael-mehvac-i.
We acknowledge the significance of tax rate changes for businesses. Let me point you in the right direction on how to handle your concern.
Before we start, can you tell me what specific help you need with the Reduced tax rate (RTC)? This will ensure I can give you the best solution.
While I wait for your reply, I'll shed some light on how the online program deals with taxes. QuickBooks Online (QBO) creates default tax rates according to the business type you've specified in the Company type section.
In case you're unable to locate the Reduced tax rate (RTC), you can easily find it by visiting the VAT Rates Center. Just follow these simple steps:
- In your company, navigate to the VAT menu on the left panel to open the Collector General page.
- From there, tap the Edit VAT drop-down and choose Edit rates.
- On the VAT Rates Center, go to the TAX NAME column and look for the following:
- Reduced (Reduced rate used for sale or purchase of goods within Ireland).
- Reduced-R (Purchases for resale at a reduced rate).
- You can click each tax type to view the rate.
Regarding which Reduced tax rate to use for your products or services, I recommend reaching out to your tax agency for further advice. They can explain in detail each tax category and how it affects your sales and tax returns.
If you're referring to a different situation, can you share more details about your concern to help me get on the same page? Furthermore, feel free to review each article to learn about setting up new tax rates and changing to existing ones.
In the event you require additional information about sales taxes, steps for calculating the amount owed, methods for filing your sales tax return, and other tax-related matters, click on the links provided below:`
Stay in touch if you still need assistance navigating the online program or have other tax-related concerns or questions. Please know that I'm always ready to lend a helping hand. Enjoy the rest of the day, michael-mehvac-i.
