from Jan 2021, I use postponed accounting for import VAT and duty. How would I record transactions using postponed accounting so that I my quarterly VAT return reflects the figures correctly in Box 4 of the VAT return without having to make manual adjustments?
for example my import vat statement for Jan 2021 was for £3300. I have created an account 'import vat to claim' but I am not sure what VAT treatment to set it as or what the 'paid from' account would be.
Hi Maria,
Unfortunately Solar Accounts does not yet handle the postponed VAT
accounting for goods imported from the EU. In the purchase invoice window
should click More Options > VAT Treatment > Purchase of Goods or Services
from EU Supplier. However, this will affect boxes 2, 4, 7 and 9.
Therefore before you submit your VAT return you will need to make an
adjustment to increase Box 1 by the VAT amount and decrease Box 2 by the
VAT amount, and decrease Box 9 by the ex-VAT price. (To record an
adjustment click the 'New Adjustment' link at the top of the window just
before clicking 'Submit')
In future we plan to release an update which will correctly apply the
postponed VAT rules for goods imported from the EU - I will add your email
address to be notified when it is available.
