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July 11, 2023
Question

Can I add an extra tax which does not go onto my vat return?

  • July 11, 2023
  • 1 reply
  • 0 views
the extra tax is for machine games duty

1 reply

Rubielyn_J
July 11, 2023

It's a delight to have you here, Liz. Allow me to share insights about adding tax in QBO. 

 

There is the possibility of incorporating an additional tax into your account. However, I advise seeking guidance from an accountant to explore other alternatives, as you may prefer not to include it in your VAT return.

 

To continue, we need to set up a separate liability tax account in your Chart of Accounts. Subsequently, generate a service item and designate the account in the Income account section. Once done, enter the tax amount into your invoice and manually calculate the total.

 

Moreover, I've attached some relevant resources you can utilize to manage your taxes in QBO: 

 

 

Should you have any additional queries or require further clarification on how to add tax in QBO, please feel free to comment below. I am here to help.