Hi. I’m after a bit of correct accounting advice to clear my spinning brain
I have some wine being held In Bond. Once it gets sold Duty Paid, then I am liable for both Import Duty and deferred VAT.
The deferred VAT and duty gets paid directly by my bond warehouse, who then release the goods once I have paid them.
Do I need to treat this in any special way when accounting for it - or do I simply enter in a purchase from my bond warehouse for the correct amount including VAT payment.
The reason I am confusing myself is that I’m not sure if I am actually paying the warehouse or HMRC.
Thank you in advance