Set Up Cyprus VAT

I am setting now the QB online for a Cyprus Company and i have trouble setting up the VAT rates. I am using QB online for UK company and the set up of VAT was much easier.

QB have already the following VAT rates but i want to create more such as:

-R.C. from Non Eu countries (Purchases)

-Exempt - 0%

- Outstide of Scope - 0%

How can I create the above rates?

Also, I run the Summary report and nothing is shown. I have recorded few expenses with VAT on purchases (recoverable) and they are not appeared to any VAT report. I can see that the VAT correctly treated as VAT and it is shown on Liabilities. Please advise.

Regards,

LT

Answer

Hi there, louiza.th.

You can use the above tax rates by creating a Custom tax per VAT in QuickBooks Online (QBO).

Here's how:
  1. Click Taxes on the left menu.
  2. On the VAT page, click the Add tax tab.
  3. Under What type of tax do you want to add?, choose Custom tax.
  4. Enter all the information needed.
  5. Once done, click Save.
  6. Then, repeat the same steps for other tax names.

For more details about setting up VAT rates, you can check out this article: Set up and edit VAT settings, VAT codes and VAT rates.

On the other hand, it's possible the Start of current tax period is set up to an earlier month. Then, you've created the expense transactions (with VAT) only for the month of April that's why is only showing in the VAT Liability Report.

It would be best also to use QBO Cyprus region for you to generate the right VAT report for the Cyprus company.

I found helpful articles for more details about VAT and tax reports:

Please reply to this post if you have additional questions. I'm here to help.
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