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Post Info TOPIC: VAT on EC acquisitions
Diona


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VAT on EC acquisitions
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Hello

How do I have to post in Sage VAT due on EC aquisition (output tax) and input tax I can reclaim regarding the same EC aquisition.

If I post the invoice in Sage with T8,  the VAT Return will be OK, but there won't be  any transaction concerning VAT Control Accounts.

Any help is appreciated!



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Diona


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16.8 Recording the tax due on acquisitions in your VAT Account

You must calculate the VAT due on the acquisition of goods from other Member States (see section 7) and enter the total on the VAT payable side of your VAT account under the heading VAT due on acquisitions.

You may then deduct the VAT due on these acquisitions as input tax on the VAT deductible side of your VAT account, under the heading VAT deductible on acquisitions, subject to the normal rules for claiming input tax (see paragraph 2.13).



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Diona


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Any help, please!



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