Sage 200 - VAT code finder: Import of goods under import reverse charge threshold

Summary

Use this wizard to determine the relevant VAT code to use when posting sales or purchase transactions.

Resolution

NOTE: This article is part of a wizard, if required, you can restart at the beginning.

Sage 200 Professional - 2019 Summer to 2020 R1

Create the new VAT code 19:

TIP: To create new VAT code, open the Settings menu within Accounting System Manager and choose VAT Rates.

VAT code	Description	Name	VAT Return	Terms	%
19¹	Import goods - UK Low value import scheme.	Import goods - UK Low value import scheme.	Yes	Reverse Charge Purchases (Mobiles) or CIS Reverse Charge Purchases²	20.00

¹ Customers have the flexibility to create their own codes, these are example codes but are what will be used by the latest versions of 200 cloud

² It is only possible to use the Reverse Charge Purchases (Mobiles) terms against one VAT Code, these terms

You can then post using this new VAT code:

Which VAT code to use	Use VAT code 19
How this affects the VAT Return	The VAT amount appears in boxes 1 and 4, the net amount of the transaction appears in box 7.

Sage 200 - 2019 Spring and below

Create the new VAT code 18:

TIP: To create new VAT code, open the Settings menu within Accounting System Manager and choose VAT Rates.

VAT code	Description	Name	VAT Return	Terms	%
18¹	Reverse Charge Purchases	Reverse Charge Purchases	Yes	Reverse Charge Purchases ²	20.00

¹ Customers have the flexibility to create their own codes, these are example codes but are what will be used by the latest versions of 200 cloud

² It is only possible to use the Reverse Charge Purchases terms against one VAT Code, it will not be possible to create this code if these term exist on an existing code, in these circumstance the existing code will need to also be used for Postponed Accounting and transactions under the Low Value Import Scheme.

You can then post using this new VAT code:

Which VAT code to use	Use VAT code 18
How this affects the VAT Return	The VAT amount appears in boxes 1 and 4, the net amount of the transaction appears in box 7.

This article offers general guidance only. While accurate at the time of publication, it may not suit your specific needs. We make no express or implied warranties. For tailored advice, consult a professional. For VAT, customs, or duties queries, contact HMRC on 0300 200 3700 or visit www.hmrc.gov.uk. We accept no liability for any loss from using this content. VAT or tax codes shown reflect default software settings and may differ in your setup.

Solution Properties

Solution ID: 210113170903780
Last Modified Date: Thu Oct 06 12:54:47 UTC 2022
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