I need to record company income & expenditure pre-Sept 20 (vat 23% -> 21%). How do I set up a new 23% Vat rate? I am unsure of what settings to choose for each option.

Hello there, @userinfo40.

Since you'll be using VAT for your expenses, make sure to select the Purchases, Sales, and Taxable purchases option. This way, it will deduct from your VAT payable. To set up the new VAT rate, you can go to Tax Centre. Let me guide you how:

1. From the left menu, select Taxes.
2. In the top right-hand corner, click Add tax.
3. Choose which type of tax rate you want to set up.
4. Enter the details of your tax rate.
5. Select Done when finished.

Once a rate has been created, you cannot delete the rate. If you need to change that rate, you'll have to deactivate the rate and then create a new one.

For detailed steps, please check this article: How do I set up sales GST/VAT rates and use them on forms? (International QBO).

When you file your VAT return, you can always run the VAT Detail and Recent Transactions reports in the Reports menu. This ensures the transactions you have created are allocated into the correct box.

To know the recent features to make your VAT filing easier, check out this article: VAT Feature Update FAQ.

Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about setting up VAT rates. I'm just around to help. Take care.