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December 8, 2021
Question

Tax rate on Purchases

  • December 8, 2021
  • 1 reply
  • 0 views

Hello Quickbooks Community, 

 

I have a quick question. I am new to QuickBooks and new to my own creative business. When classifying my banking transactions, I am having trouble working out what tax options to select. 

 

For instance, when placing my subscriptions into the subscription category, what tax do I select

 

0.0 Zero Rated 

20.0 Standard 

Exempt from VAT

No VAT

 

These are the four options, but for things I am buying for the business, I have no idea which one is correct. 

 

Thanks for your help! 

1 reply

December 8, 2021

Hello Sebastian, Welcome to the Community. With regards to which code to use when we have a handy guide available here which you can bookmark and look at