Can I get the financial reports to reflect my use of the VAT flat rate scheme?

Hi there, @accounts-tbp-co.

Thank you for reaching out here in the Community. I can help provide an overview of the Flat Rate Scheme (FRS) in QuickBooks Online (QBO).

When you run financial reports, it'll always show you the standard rate which is the calculated VAT of 20%. You'll want to try running the VAT return to view the FRS amount. To do that, you can pull up the Prepare Return report to show you the calculation of how much is payable to the HMRC and your savings for the FRS VAT. Here's how:

1. In your QBO account, click Taxes from the left menu.
2. Select VAT, then go to the Returns tab.
3. Click View return or Prepare Return.
4. From there, you can see the VAT FRS amount for gross sales and expenses.

You might want to visit these articles to learn more about the VAT calculation:

• UK Flat Rate Scheme: How does it work?
• VAT exceptions and reports.

I'm always open for your replies if you need further assistance running reports in QuickBooks Online. I'll be sure to get back to you.