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Everything you need to know about connecting your bank and credit cards in QuickBooks Online

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Replying to:
AlcaeusF
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Hi @beatrice4,

 

Thank you for posting here in the Community. I can share some information about your VAT concern in QuickBooks Online.

 

The Flat Rate Scheme (FRS) is a method to submit a VAT return for small businesses. It's an alternative way to work out how much VAT to pay to HMRC each quarter.

 

With this scheme, businesses keep the difference between the amount of VAT paid to HMRC and the VAT amount paid by customers. The actual percentage you use depends on your business.

 

For more information, as well as how to join the scheme, I recommend the following article: QuickBooks Online Flat Rate Scheme explained.

 

Feel free to hit that Reply button if you have additional questions about how VAT works in QuickBooks. Have a great day ahead.

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