I would like to create a new category in the Purchases section - when detailing invoices received, to account for the VAT payable on imported goods. We regularly import several pallets of a product which is paid for in advance in foreign currency. The final arrival of the goods at port of entry generates a VAT liability from HMRC which has to be paid in advance of the goods being received. I need to categorise and identify this VAT “purchase” which is part of my shipping agent’s invoice to me. Can anyone help, please?
I’m not VAT registered, so not 100% sure how you could work this. What I would suggest looking at though, is either setting up a new nominal code, and/or using the project tags?
I think a project tag may be easier to identify the invoices themselves, as at least then you see the money in from them.
Would that be suitable? If not, post back and hopefully someone with a bit more knowledge will be able to help
New nominal account could be the answer.
I’ll work it through. Thanks!
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