Question asked by jason patterson 8 years ago
hi, we have a small limited company ; online retail. registered for the VAT flat rate scheme at 7.5%. my question is; we import a lot of goods outside the EU and must pay import vat on these via DHL/ Fedex etc. I realise with the flat rate scheme we do not claim this back, but where and how do I record these on Clearbooks? many thanks
Hi Jason
I'd just record the cost to a cost of sales account, eg "Freight & duty".
Just in case, do you also buy goods from the EU and if so are you aware of the nasty VAT trap on these?
Best answerhi again Paul, when setting up the import vat this way I've encountered a problem; part of the freight bill is admin charges, at 0% vat ( not sure why)., the rest is import vat at 100%. using the cost of sales account it can only allocate 1 set of vat rules. I've looked at creating a bill, with 2 sets of VAT rates there. Does this look like a good option?
thanks for that. no , no goods from europe, all outside.
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