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VAT form C79

A client who export and import goods have received this. I assume the value on the form are included in the input tax. C&E said this is the only entry to make but from the dim & distant I seem to remember doing something else?
Do you have to gross up for the inputs box?
How are the values arrived at?

Any other advice?
Thanks
Stephen Payne

Replies

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In theory, correct.
The theory is that if you have incurred import VAT on an item you will also have received a purchase invoice from the overseas supplier that does not include VAT. That purchase invoice should be included in Box 7 of the return ensuring the balance between net purchase and VAT is maintained.

In the absence of a purchase invoice, it is probably best to simply gross up the import VAT claimed as you are required to account for imports in Box 7 of the return.

Regards

Paul Taylor
VATease - VAT Advice

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