Forum Message

Reclaiming Import VAT with Solar Accounts

Hi Mark,

I've been charged Import VAT by FedEx and I dont know how to enter this in solar to reclaim this. Do you have any advice?

Regards

Stephen


Posted by Stephen on Nov 7, 2022 4:47 PM GMT

Hi Stephen

Please see this page for an example of how to record import VAT from a
freight company:
https://www.solaraccounts.co.uk/forum/topic/1112

In your case if FedEx doesn't charge you an admin fee or customs duty, then
you wouldn't need to enter the line 1 shown in the example for £96.48, or
line 2 shown in the example for £17.95


Posted by Solar Accounts Customer Support on Nov 8, 2022 10:05 AM GMT

Hi Mark,

Many thanks all sorted. So you account for Import value with 20% VAT and
then subtract the Import Value without VAT to create the VAT lability.

Regards,


Posted by Stephen on Nov 8, 2022 6:44 PM GMT

Hi Stephen,

Yes that's correct - the net result is that the total amount of the
transaction will be treated as VAT.


Posted by Solar Accounts Customer Support on Nov 9, 2022 10:20 AM GMT