Reclaiming Import VAT / C79 Certificates
I wonder if anyone could be so kind to help me. I am currently waiting on a C79 certificate from H M Revenue & Customs. I have been VAT registered since March 1st, 2011 however I never did receive a C79 certificate as I had to re-register for EORI and was not aware of this until I realised I hadn't been receiving the certificates. My courier, UPS, have now re-allocated all imports from March 1st to my correct VAT number and have advised that this will prompt a C79 and I will also start getting C79's monthly - at least I hope.
As I registered in March, I have aleady completed my first VAT return for the first period (which covered March 1st - March 31st) and now my 2nd return is due by August to cover April to June.
When I receive the C79 certificate some of the entries on there should hopefully relate to the imports I never claimed for for March - is it possible to still reclaim these on my next return (providing they are on the C79 certificate)?
How do you record the C79 certificate in your accounts package? Do you treat it as a seperate invoice? I use Kashflow accounting software if it helps. Do I just take whatever is on the C79 certificate and reclaim this on my return?
Before I was VAT registered I would just record my import duties and VAT into the accounts as an expense (as I receive an invoice from my courier). I assume now I should only be recording the Import Duty & Brokerage fees because the VAT will be a seperate entity which is reclaimed on the return?
I hope my questions make sense and would greatly appreciate any advice.
- VAT on converted property having opted to tax 218 9
- Property expense - legal fees 118 3
- Research expenses for authors 257 6
- Difference of Sales Invoices and Bank receipts for Sales 306 7
- Auto-Enrolment 3,504 169
- Proof of Delivery 138 2
- Investor exit 70 1
- Partially exempt? 60 1
- Tax question about small group and how to set up 119 3
- Place of Supply or these two contracts walk into a German Bar 236 4
- OBK 216 5
- Accounting for a VAT Group 115 3
- Xero (another cloud system) and your year end accounts file 117 2
- NIC thresholds - two employments 1,692 25
- Twenty signs your practice is bad at tax 383 4
- Any Scottish members out there? 15,743 588
- Rental Income Tax Planning 111 2
- What type of Trust? 95 1
- Dormant Company 134 2
- QuickBooks, Xero, FreeAgent and ClearBooks 778 16
- Best way to take money from a business if you have unlimited EIS allowances? 505
- Skandia using wrong address 457
- Does anyone use PS Financials accounting software out there? 266
- FHL, period of grace and Entrepreneur's relief 245
- Employee rewards 245
- Legislation access for part-time sole practitioner? 212
- EPS Analysis - Change to EURO 203
- Rental Property W&T And Equipment 196
- Gift of reversion and lease into trust by two different people - later PPR 186
- Etax Australian 156