Can anybody tell me if import tax is recoverable? I work for a Company who manufacture wheels and they recently paid just over £15K import tax on some wheels coming in, the Company are saying that we should be able to claim it back on our next VAT claim - is this correct and if so, do I need to complete any paperwork with the Inland Revenue to support this and what are the postings for this VAT paid out on my Sage accounts?
Would really appreciate any help before I go down the very tedious task of trying to speak to somebody at the Inland Revenue ,
8.2 Basic information about import VAT certificates
You need to hold official evidence of VAT paid on imported goods before you can recover the VAT as input tax. The normal evidence is the monthly certificate, known as form C79. It does not in itself allow you to claim back the VAT you have paid which must, in all cases, be deductible under the normal input tax rules.
We send the certificates (form C79) to the VAT/EORI registered person whose VAT registration number is shown in box 8 of the import declaration. You must take great care to use the correct EORI number. If not, the VAT you have paid may not appear on your certificate and may even end up on another persons certificate. Similarly, you may find someone elses import VAT on your certificate.
Warning: We will take action against agents/importers who persistently quote incorrect EORI numbers. This may include prosecution box.
Hi Bill, this is great and I feel as if I know what I am talking about now! Think I've browsed on this so much, my brain became immune to anything useful and I needed some help.
You need the C79, this is usually provided by the freight company, however, Parcelforce never supply one and you have to email HMRC to sort this. Can't remember the exact details for if you haven't got the C79 off the top of my head and I won't be at the company to get this until middle of next month.
The freight company usually provides you with the necessary paperwork and you get an advice certificate from HMRC showing the freight company coding and how much you should be claiming back in VAT and in what period it should be claimed. I compare the figures on the HMRC VAT certificate to those in Sage and ensure I am claiming in the correct period too. Sorry if this has already been said only I am just flitting between forums and don't have time to read all through the postings.
Hope this helps.
Sue
-- Edited by Sue T on Friday 18th of June 2010 08:17:05 PM
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and don't have time to read all through the postings.
