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.
- BrightPay 588 18
- Classic cars investment 222 7
- Reversing out RTI 24 2
- Are Court and tribunal Judges honest/commit fruad ? 181 3
- Client charged VAT by US supplier 307 7
- What are CIS subcontractor clients worth to you ? 285 7
- Sage instant bank rec - is it possible to clear past transactions and reconcile from a given month? 255 5
- New Company - Corp Tax Period 255 9
- Abandoning accountancy membership in order to operate as a sole trader 802 21
- Fees for dealing with auto-enrolment 229 2
- H&W company 185 3
- VAT on sale of Vehicle 157 3
- tax teatment of index linked mortgage repayment 162 2
- Gift or Capital Gain? 268 7
- How much?? (ACCA rules on practice insurance) 116 1
- Does anyone use a cloud based payroll software 793 32
- VAT silly question 2,386 56
- Are sheepdog winnings taxable? 1,082 10
- Federation Accounts 362 10
- SA302s - Lenders to accept non hmrc copies 543 8
- Benchmarking 488
- Possible Partnership? 430
- Lunatics in charge of the asylum - Bluestone 407
- Tax and accounting treatment on long lease granted from freehold 407
- Old Books for a 'NON' Client 348
- Purchase of property freehold - capitalisation of costs 207
- Growing Limited Company concerned about assets if something goes wrong 204
- Clubs and Taxable Income 189
- Income tax on foreign dividends 188
- Subsistence and hotel expenses 183