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Code import of goods from EC in Xero

Code import of goods from EC in Xero

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I should probably know the answer to this but hey ho here we go.

I have EC imports of standard rated goods i need to code on xero.

Lets pretend i also have the pva amounts ready to enter into xero - that in theory the easy bit - in practice hmrc are having glitches at their end so the informatiomn is missing from the pva ststatements but i can cope with that.

So that leaves me with the "tax" coding of the net amount paid or net supplier invoice value - do i now code these as zero rated items ?- or do i carry on codng as ec acquisitions 20% even though they arent ? - or is it something completely different. In this regard i feel like all my vat memory has been wiped and its like my first day at work doing vat.

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By Wanderer
23rd Apr 2021 15:36

Just code as zero rate items.
Don't code as EC acquisitions as, if you do, they'll end up in Box 9.

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Replying to Wanderer:
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By rmillaree
23rd Apr 2021 16:34

Cheers for that wanderer i was thinking that option was most likely - i am sure it will make much more sense when i can view all the entries on the drafted vat return.

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Replying to Wanderer:
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By VATs-enough
23rd Apr 2021 17:26

Taking this one-step further, if you are still in 'Intrastat land' for arrivals, and need to split between 0% VAT and 20% VAT imports.

Is it not easier to leave as EC acquisitions and then journal out of boxes 2 and 9 at period end. How else can you accurately track your imports....

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Replying to VATs-enough:
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By Wanderer
23rd Apr 2021 17:53

Maybe, if your software will allow journals in & out of those boxes.
Also, if left as EC acquisitions, good chance you will also be wrongly adding to box 4 so that would need adjustment as well.

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Replying to Wanderer:
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By rmillaree
23rd Apr 2021 19:24

I hadn't posted anything yet which was part of my problem as its easier to check the boxes are correct (or not) when it's all posted and the return is drafted. I havn't even posted the pva specific amounts yet so i was completely in the dark.

The good news with xero is that even when it is all posted wrong the find and recode feature is good enough to correct any issues without any headaches - correcting postings on xero compared to sage cloud/one is like night and day.

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