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JaeAnnC
JaeAnnC
December 9, 2023

Welcome to the QuickBooks Community, Sewell. Let's go over your VAT settings in QuickBooks Online (QBO) so you can set up your VAT Flat Rate Scheme (FRS).

 

To enter a single standard rate, let's enable the FRS option in your settings. Here's how:

 

  1. Go to Taxes and select VAT.
  2. Click Edit VAT, then Edit Settings.
  3. In the Other VAT Options section, tick the Flat Rate Scheme (FRS) checkbox.
  4. Enter the percentage rate in the box.
  5. Click Save.

 

For more details on setting up your VAT FRS, see this article: How to set up the Flat Rate VAT Scheme in QuickBooks Online.

 

Moreover, I'm sharing this guide in case you need to correct or adjust your VAT liability in QBO: Make VAT adjustments in QuickBooks Online.,

 

Keep me updated whenever you have any follow-up concerns regarding VAT. I'll return to this thread right away to assist you further. Stay safe, and have a wonderful day ahead.

S
sewell@bottes.plAuthor
December 10, 2023

Thank you for your comment but I think you have misunderstood my question.

I'm already using FRS successfully for my accounts in QB. What I need to do is to enter just one sale transaction on the Standard Rate VAT basis so that the amount of output tax to be paid to HMRC for that transaction is the full 20%. 

 

D
DebSheenD
December 10, 2023

Thanks for getting back to the Community space and letting us know that you've already set up the FRS, @sewell@bottes.pl. Allow me to chime in and help you enter a transaction with a standard VAT rate in QuickBooks Online (QBO).

 

Recording VAT on the Flat Rate Scheme (FRS) works the same way as the standard scheme, you'll need to toggle the FRS to off- as the steps provided by my colleague JaeAnnC.  Then, create the transaction as normal and turn back the FRS to on, and these will automatically be calculated based on the FRS % entered in the VAT settings.
 

Also, to learn more about FRS and how it works in QBO, I'd encourage you to check out these articles: 

 

 

Please keep me posted on how it goes. In case you have other FRS or VAT concerns and questions about managing transactions in QBO, let me know in the comments below. I'm always around to help. Take care always, @sewell@bottes.pl.

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