Import VAT & PVA Duplication

[QFSteve]

Hello @tc5440

I found the following links which may help links may help

https://support.quickfile.co.uk/t/postponed-vat-with-currency-gains-loss/47850

VAT Options Explained

When creating a sales or purchase invoice in QuickFile you will see a number of additional VAT options in the invoice editor. These options can be used to control the boxes within which the NET and VAT totals are reported in your VAT return. In this guide we explain when to use each of the VAT options and the effect that each will have on the VAT return. VAT on sales The examples provided are below for standard VAT accounting and are based on a £1000 sales invoice plus VAT (where applicable). …

There are also a number of forum posts relating to this topic

Postponed VAT Accounting & Exchange Rates - Purchase Invoice Value

Good Morning, So I have a question surrounding purchase invoices and postponed VAT accounting and Exchange Rates. So I have an EU purchase invoice from a supplier. We ordered /purchased the goods in January 2021, we paid the supplier for them in March and the customs declaration was made by a customs agent also in March 2021. The supplier invoice was in Euro’s. We paid for the goods using an currency exchange company, so we got a spot rate on the day and they paid the supplier within 2 hour…

VAT on Imported goods

If you import goods from outside the UK (EU/non-EU makes no difference unless you’re in Northern Ireland) then you may be able to use the “postponed accounting” mechanism that has been introduced for all imports and which works in a similar way to the old EU acquisitions mechanism. But it depends on many factors, such as how you’re doing your customs declarations, if you’re using a parcel operator who pays the VAT and import duty on your behalf, etc etc. you should probably speak to your account…

Postponed VAT accounting for a non-purchase

We are VAT registered. After the abolishment of low value consignment relief, we are starting to get HMRC postponed VAT entries on negligible value goods being couriered to us. The goods are worth nearly nothing in market value but the courier evaluates customs value including an estimate of transport charge (CIF = cost, insurance, freight). We are not purchasing these goods. A close analogy might be one company couriering another company in another country a cheap pen as a business gift. Let’s …

PVA with split invoicing - Are we doing it correctly

For some of our larger purchases from our US supplier we pay stage invoices so there may be 2 or 3 over the course of the project. All line items are shown with 0% vat. Each invoice is flagged with “Outside the Scope of VAT” except for the last one which is flagged “Postponed accounting rules for imported goods” and a line is entered for the vat only which brings up a post goods value on the vat return. It is only when the equipment arrives in one shipment that the vat due is calculated at impo…

Fedex invoice

Apologies if this is answered elsewhere but I haven’t found it. I did find this (C79: Import VAT / Import Duty / Handling Fees - #2 by Joe) but it’s not the same as it applies to import duty, not import VAT. Anyway, I paid a Canadian company to make some metalwork. It qualified for ‘free’ shipping to the UK - that invoice is paid £261.04. I now have an invoice from Fedex for: [image] I have paid Fedex the £54.95 So how do I tag the separate invoices from the Supplier and Fedex? The ‘origin…