How to account for vat with postponed VAT accounting
Hi everyone, looking for some help with postponed VAT accounting, I use DHL express for my imports and they used to pay the VAT for me and then invoice me. I could then log this as a bill and the VAT element from import was recorded as input VAT, all very simple.
But now they have signed me up for postponed VAT accounting. I have my march statement from HMRC but how do I account for this in my VAT return?
In the zoho FAQ it says:
"If you are not prepared to pay at the port, you can opt for postponed VAT accounting. You can record the import VAT in the VAT return under the reverse charge procedure. You may need to notify HMRC before you activate this process for your business. You may also be required to mention the EORI number and VAT number on your customs declaration form."
It says about the "reverse charge procedure" but gives no info on how to use this. Do I create a "bill" from HMRC with the value on the statement as Input VAT, but then how will I record it as paid if the money never actually leaves the account?
Do I record it in another way? I am totally lost of how to account for it.
What are the steps I have to follow?
Many thanks
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