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ben2402
October 7, 2024
Question

Postponed Import VAT

  • October 7, 2024
  • 1 reply
  • 0 views

I import goods from the EU and some of my imports use postponed import VAT. Its my first time submitting a VAT return and I am unsure how to add it to my return. I've activated the correct VAT code but if i add an expense , wont that mess up my reconciliation as no money actually left my account? 

1 reply

paul72
paul72
October 8, 2024

Hi @ben2402 

 

For the imports that use PVA, simply enter the supplier's bill into QBO using the PVA VAT code.

QBO will calculate the nominal VAT owing & make the reclaim as well (you'll notice two VAT amounts on the screen - add/subtract - so that the balance is £nil).

 

You can download PVA Statement from HMRC Online account.

Sometimes, for high value purchases (or if the exchange rate is volatile) the calculated PVA amount will be different to the HMRC amount.  This isn't a major problem - as it's a net zero sum on the VAT Return - but you might want to put an adjustment line on the supplier bill in QBO to make the two figures tally.

 

Hope this helps.

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