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Tax code finder: Import of goods under import reverse charge threshold - Sage 50 Accounts v27.1 and above

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Summary

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

Description

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

Import of goods - under import reverse charge threshold

Which tax code to use

Use tax code T17 - Import of goods - Under import reverse charge threshold.

This tax code must have a supplier associated, therefore you can only post using a purchase invoice, PI or purchase credit, PC. It is not possible to post using a bank payment, BP.

 NOTE: By default, this tax code is created automatically as T17 but may differ depending on the tax codes you already have.

How this affects the VAT ReturnThe 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.