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Vat treatment

Vat treatment

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We have a client who imports stone from India, the Indian company invoice him 2 weeks before the goods land in the UK, no vet. Vat is raised upon entry to the UK, our client is concerned that the difference in vat timing is throwing errors into his system in that there can be a reasonably large difference between purchases and vat declarations.

Is there a solution to this problem

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By Les Howard
06th Jun 2019 16:47

VAT is calculated on the customs value at the place of importation. That is higher than the invoice value, so you will not be able to perfectly reconcile the invoice against the VAT payable. Assuming the C79 is correct (and not all are) it is your purchase invoice for input tax purposes.

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By CW2012
06th Jun 2019 16:54

Thanks Les Howard

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