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Post Info TOPIC: Duty Deferment for import VAT on Sage


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Duty Deferment for import VAT on Sage


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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