These are the VAT codes on the .gov website: It would be great if quickbooks could match this to save confusion ; eg change Exempt to Zero as below ; then change No Vat to Outside scope/Exempt then we wouldn't all have the same issue!
VAT rates for goods and services
% of VAT What the rate applies toStandard rateReduced rateZero rate
| |
| 20% | Most goods and services |
| 5% | Some goods and services, eg childrenβs car seats and home energy |
| 0% | Zero-rated goods and services, eg most food and childrenβs clothes |
The standard rate of VAT increased to 20% on 4 January 2011 (from 17.5%).
Thanks please look into this it would save so much work and queries, your coding is very confusing!
