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Post Info TOPIC: Duty Deferment for import VAT on Sage
AMajor


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Duty Deferment for import VAT on Sage
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Hi everyone,

I'm hoping those with Sage knowledge can assist here. My client has imported some goods from Vietnam. She has signed up for a Duty Deferment Account with HMRC and we have the first statement. I can find only information on Sage that mentions Postponed VAT accounting so not sure I am looking at the right place. It says to use 5101 for Import VAT and Duty and tax code T19 (but this tax code in Sage has a vat rate at 20%)

The breakdown on the Deferment Statement has:

  • Duty = £291.73
  • VAT = £1703.37
  • Excise = 0

They are using cash accounting. The first payment has been taken by DD 15th July and I am preparing the June vat return. How should I post this in Sage and will this entry show in the June vat return or the next quarter?

Thanks so much

Angie

 



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