Postponed VAT accounting
Question asked by Julie McNeil 2 months ago
I am reposting this question from 4 months ago -
We currently import goods from a number of EU suppliers and normally use the EU acquisitions/Reverse charge in our VAT return.
We intend to use postponed VAT accounting - are there any changes in Clearbooks to the way we will complete our VAT return from Jan 2021 now that VAT can be postponed on import VAT?
I have been told that we must declare the import VAT as calculated by HMRC (rather than on the amount paid) on the postponed import VAT statement. Will this need to be a manual adjustment on the VAT return? If so, how would this be done?