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September 27, 2023
Question

As a flat rate vat customer do I post my expenses as no vat included. I don't want quickbooks to deduct the vat on my expenses when calculating my vat returns.

  • September 27, 2023
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1 reply

September 27, 2023

Hi danjones321-gmai, thanks for posting on the Community

 

In order for the savings by FRS to calculate correctly (the account used by QBO to track the difference between the VAT that has been submitted on FRS and what would have been submitted on the non-FRS return), any expenses which had a VAT amount in real life should have the 20% standard VAT code applied. 

 

Only expenses/bills which have the VAT Reclaimable box ticked (for a Capital Asset costing more than £2000) will post on the return. To learn more on FRS in QuickBooks, click here