Skip to main content
L
lukas11
August 6, 2020
Question

How can I add a 5% "EC Goods Reduced" VAT Rate for EC Goods (from EC Member States)?

  • August 6, 2020
  • 1 reply
  • 0 views
Due to COVID-19 the UK government has reduced the VAT rate on some purchases, e.g. restaurants. I understand this would also have to be applied to Purchases from EC Member States. There is a 20% "EC Goods" VAT rate and also a 0% EC Goods Zero-rated" VAT rate. There is no 5% "EC Goods Reduced" VAT rate for e.g. currently having a business dinner at a German restaurant. How can I create this? Thank you

1 reply

G
GraceC
August 6, 2020

Thanks for reaching out to the Intuit Community, @lukas.

 

As of now, due to sudden changes, QuickBooks Online (QBO) is unable to finalize the update for the VAT and EC Vat codes.

 

However, you can manually override the VAT amount in QBO. Let me guide you how.

  1.  Go to the +New icon.
  2. Choose Expenses.
  3. Fill in the necessary fields, then choose Exclusive of Tax.
  4. Choose the VAT code.
  5. Manually enter the VAT amount in the VAT field.
  6. Click Save and close.

 In line with your concern, it would be best consulting your accountant to verify what specific VAT code to use. This is to ensure that you would be able to properly account VAT.

 

For additional information, I'm including some helpful articles that you can check on how different VAT codes work in QuickBooks Online:

Thanks for visiting the Community. Please let me know if you have any follow-ups or other questions. I'm here to help. Have a good one.

Terms & ConditionsAccessibility statement