QB Issue Resolution:
I’d be happy to share some information about the different VAT codes in QuickBooks Online (QBO).
VAT 0% means that some products and services is subject to zero VAT rate but can still be considered as taxable for VAT. While the No Vat code means some goods and services are not reported on the VAT return.
Train fares are mostly considered to be zero-rated. However, you may need to refer to HMRC’s website to be properly guided on which VAT rate applies to you. This is to make sure you have correct figures on your VAT return
Feel free to read through this article that explains the meaning of VAT codes in QuickBooks Online: Common VAT Codes.
Resolution for Issue 'What’s the difference between Zero Vat and No Vat. Example is train fare Zero Vat and transfer to Director Loan account Zero VAT? Why does it matter?' available: Yes (Solved).
Source: Intuit Community forum.
What’s the difference between Zero Vat and No Vat. Example is train fare Zero Vat and transfer to Director Loan account Zero VAT? Why does it matter?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Director Loan
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Error Recovery for Director Loan [Canada]
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