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August 3, 2020
Question

Hi I have just taken on a client with a flat rate scheme for vat, when I enter the expenses which vat rate do I use?

  • August 3, 2020
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1 reply

MaryLurleenM
August 3, 2020

Allow me to help you on what VAT rate to use, debbie-cruxton.

 

Once you have set up your VAT within QuickBooks Online and selected the Flat Rate Scheme for VAT, you would use the standard VAT codes as though you were on the standard VAT scheme, and only when you actually prepare your return would the 11% FRS rate be applied and the savings calculated.

 

You can read through these articles for more insights about how the VAT rates work in QuickBooks:

Keep in touch with me here should you have any additional questions regarding the Flat Rate Scheme.