Consignment Stock & VAT
crispy
Registered Posts: 465 Dedicated contributor 🦉
Hi,
Could anyone give me some advice with the following transaction:
Company has received some consignment stock from outside EU and has paid amounts of £ 10k Duty and £ 36k of VAT. As there is no actual purchase cost of the stock, how should this be shown on the VAT return. I have 'shipping invoices' for the consignment - would I include this in Box 7 for inputs? Without entering their value onto the return the whole calculation looks lopsided and will no doubt be rejected and returned.
Any help would be great. Thank you
Could anyone give me some advice with the following transaction:
Company has received some consignment stock from outside EU and has paid amounts of £ 10k Duty and £ 36k of VAT. As there is no actual purchase cost of the stock, how should this be shown on the VAT return. I have 'shipping invoices' for the consignment - would I include this in Box 7 for inputs? Without entering their value onto the return the whole calculation looks lopsided and will no doubt be rejected and returned.
Any help would be great. Thank you
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