I have received the above from the shipping agent for wine imported from France.
I am using Xero and have entered it using the 'VAT on Imports' vat category and the VAT nominal code - is this correct? Probably not as this now shows as due for payment!
The answer is probaly, "Yes, you can claim the VAT." But do check the arithmetic on the Statement. I wonder if the wine has been brought into the UK via a bonded warehouse. The acquisition VAT rules work slightly differently, so you will need to seek further advice on this point.
Hi Melissa
I would suggest your first port of call is to your clients Accountant to find out if they have import experience. If not, of course, this is Les' forte and if you check out his profile you can contact him offline via the PM facility, or of course via his website.
(Btw, he is a lovely man/easy to chat to, so don't be afraid to contact him!!)
In addition to that and to improve your own knowledge there is a TON of information on HMRCs website. They also used to do some webinars on international trade, so worth checking their website out for those. Also, you can get info from your local chamber of commerce and in fact often from the bonded warehouse (or freight companies if not via bonded warehouse) themselves. If you have a good Bank then they should also be able to assist with information.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
