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Which VAT code do I use when buying wine in bond ?

Sage 50 Accounts Tax Code and deferred VAT query

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Which Sage Tax code do I use when buying wine in bond from a UK supplier.  The supplier transfers wine under bond to my account at a bonded warehouse and invoices me for the wine under bond.  No VAT is charged to me at this stage, it is deferred. (When I sell the wine the warehouse invoices me for the duty and deferred VAT, so I use Sage Tax code T1 here.) Which Sage Tax code do I use for the supplier's invoice?

Thanks, Joanne


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By DouglasN
08th Apr 2020 10:32

I have never come across this personally but since no-one else has offered a suggestion:

All part of the same supply/transaction? If it is all one vatable transaction and just a timing difference, I would post as T1 and amend the vat amount box to zero on the first invoice.

Does the wine actually belong to you at this stage? Just thinking about if/when it should hit box 7 of the vat return.

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