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Post Info TOPIC: Import VAT
Newbie66


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Import VAT
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I don't know an awful lot about this but I can I just check a few things with the people that know out there!

If I buy purchases from the US and pay import VAT and customs duty am I right in  thinking that I can reclaim the import VAT that I pay but not the customs duty.

Can I reclaim it as long as I have a C79? Would I declare it just like any other purchase on a VAT return.

If I am right!! - am a bit unsure as to how this C79 is generated.

Any replies would be greatly appreciated.

 



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semsley


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Newbie66 wrote:

If I buy purchases from the US and pay import VAT and customs duty am I right in  thinking that I can reclaim the import VAT that I pay but not the customs duty.

Yes

Can I reclaim it as long as I have a C79? Would I declare it just like any other purchase on a VAT return.

Yes

If I am right!! - am a bit unsure as to how this C79 is generated.

Usually the carrier/courier sends you one if not you need to get one from HMRC

Any replies would be greatly appreciated.

 

 



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Newbie66


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Thanks for your reply - just wanted to be sure!!

Just 1 more thing ... am thinking out aloud! ... do you normally pay the VAT/Customs duty to the courier Fedex etc - so I just have to make sure that I code the import VAT to the VAT liability and the customs duty to a different expense code.
Would the customs duty be a cost of sale?


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ADAS


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Newbie66 wrote:


Would the customs duty be a cost of sale?

 Yep.

Purchases and therefore closing Stock is valued as "all the costs incurred bringing it to the current state and location"



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Tony

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