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VAT Booking Entry Query

VAT overpaid on importing goods, refund amount agreed- what bookings to make to recognise it

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Hi there,

We overpaid VAT and Duty on imported goods and confirmed the Duty refund (received) and VAT over-payment with HMRC. They advised to claim back the VAT through the next quarterly VAT return.

So, we need to enter a transaction to DR Input VAT, to reduce the VAT liability, but what should the CR entry be?

Any thoughts welcome.

Thanks!

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RLI
By lionofludesch
07th Jul 2020 17:56

CR whatever-you-booked-the-original-overpayment to.

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