Import duty/VAT/Third Party override

[JudyA]

I have paid HMRC a combined total of VAT and Import Duty. The bank feed shows it as a Third Party Payment. I thought I’d achieved this correctly but on the prepared VAT return the payment doesn’t show at all, it appears to be in a Journal (which I eventually managed to delete, and re-imported the data to the bank feed). End result is the VAT isn’t showing to be reclaimed. Please help!

[QFSteve]

Hello @JudyA

What have you tagged the bank transaction as?

[JudyA]

Hi Steve
I managed to delete the (automatic) Journal entry, which was turning everything to hell and retaggeed it as Payment to Supplier, then logged Import Duty with 0% VAT for part of the payment, and had to jiggle the VAT entry by logging Import Duty again with the full amount as VAT. It’s given the right end result in terms of figures but I’m sure it’s actually wrong in accounting terms!
thanks
Judy

REH Forks classic offroad competition forks and yokes

Tel: 01751 417371

[QFSteve]

Hello @JudyA

I found the below posts in the forum which may help

Import Charges & VAT invoice

Hi @Rory You would need to enter this as 2 separate lines - one for the net plus VAT, and one minus the net with 0% VAT. My colleague outlines this better, here: C79: Import VAT / Import Duty / Handling Fees - #2 by Joe. But you essentially add the net and VAT on, then take the net back off, leaving you with a VAT only invoice. The difference here would be you’d have an additional line for the £45.00 customs charge.

VAT on Imported goods

I import goods from the EU. Originally this was simply accounted for in my VAT return by adding the VAT to both the sales and purchase VAT figures when I completed the VAT return. How do I do this now?