vat & Intratast Arrivals

toshi
toshi Registered Posts: 27 Regular contributor ⭐
in VAT
:001_wub:Is any one an expertise on the Intratast Arrivals? . Currently I complete Vat Return every quarter and submission the intratast every month to government. The figures for intratast is gross up to include the vat element in output and input vat on the return. However the imports the from the EC countries are posted net on to ledger. THIS IS CORRECT WAY OR SHOULD I INCLUDE THE VAT ELEMENT WHEN INVOICE ARE POSTED?? (GOOD FROM EC COUNTRIES ARE NOT VATA BLE)

Should the arrivals be report on the Monthly Return when invoices are i put onto the ledgers or when we receive delivery of the goods.

I would be gratefull for anyones input

Comments

  • NeilH
    NeilH Registered Posts: 553 Epic contributor 🐘
    Hi

    EC sales invoices and purchase invoices would not normally be posted with a VAT amount in the ledgers but there is a box on the VAT return to account for VAT on such imports, however, this is subsequently reclaimable.

    The figures for the Intrastat return should not be grossed up to include VAT. Intrastat should record the imports and exports in the month they arrive on UK land (imports) or the month they leave UK land (exports) - generally their official point of import or export. However, for simplicity reasons HMRC allow the use of accounting periods instead. So for example, if something were sold by you on the last day of May but didn't leave the UK until the first day of June you could actually record it in your May Intrastat. It is usually easier to use accounting periods as this is how information is usually available from the accounting system.

    Neil
  • toshi
    toshi Registered Posts: 27 Regular contributor ⭐
    Vat - intratast arrivals

    Hi neil

    thanks for reply, I have doing the vat/intrastat return for 10 year via same method that you have quoted. However our soft ware provider have decide that invoice from EC needs to be gross up to include the vat element- invoice for £100 net - will be posted to the ledger with £15 to input and output vat (net affect of nil).

    Is there a govenment website which I can refer too?

    thanks for you help
  • NeilH
    NeilH Registered Posts: 553 Epic contributor 🐘
    Hi

    Seems like a rather odd treatement on the part of your software. I would assume that this is so that the VAT function within in your software is able to produce a figure for the "VAT due on purchases from the EU" and then reclaim said figure, as per the VAT return.

    However, back to your orignal post, the Intrastat should be completed for the net value of the goods.

    Neil

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