Questions on importing from China

[falconinternetlimited]

Hi there. I have got in a complete muddle on importing from China and hoped you could help. We are VAT registered and we also have an EORI number.

We purchased goods from China. They arrived and about 3 weeks later we have received an invoice from DHL for the VAT which they paid on our behalf.

Between that time and now we have submitted a VAT return. The purchase on the VAT return was logged as No VAT because we hadn't paid it at the time (and I mistakenly thought that because I had given my EORI to DHL that we'd never have to outlay and claim back the VAT).

SO my question is, how do I now account in my bookkeeping package (SageOne Online) for the payment to DHL? Do I simply log it as Zero rated and then add the values in the respective boxes in the next VAT return?

Also, is there a cleaner way of doing this in the future?

Thanks a lot

 

[FluentFinances]

You would need to do a journal to adjust the vat so u can include it in the next return

 

[falconinternetlimited]

Ok thanks. And how would I enter the payment to DHL? As a no VAT entry?

 

[Scalloway]

You would need to do a journal to adjust the vat so u can include it in the next return

I don't understand how that would work. Journals usually do not get included in the VAT return on Sage.

What I would do is enter the invoice from DHL coded to the same code as the item it refers to, but with zero in the total. Put the amount of the invoice in as VAT only.

 

[FluentFinances]

I don't understand how that would work. Journals usually do not get included in the VAT return on Sage.

Course they do. That's why it asks for a T code. If I remember rightly it defaults to T9 but just change it to T1 so it picks it up

 

[kostantinos]

Hello

I am a non uk resident and I'm interested in formating a UK Limited Company.

The company will be a drop shipping retail e-shop with delivery service all over the world. The origin and the shipping of the products (that are listed in my e-shop) will be direct from china to my customers all over the world.

Payments will be received from my customers via paypal, and Chinese suppliers will be paid (from me) by credit card (Bank transfer).



I would like to ask you the following:

When a payment is made to a Chinese supplier, will i need to receive an invoice (or it can be proved by business bank account transactions)? I ask this question because usually Chinese supplier avoid to give invoices.


I look forward for your answers

 

[kostantinos]

Hello

I am a Newbie at the forum and I would like to ask you the following question:

I am non UK resident and I'm interested in formating a UK Limited Company.

The company will be a drop shipping retail e-shop with delivery service all over the world (focused on Europe). The origin and the shipping of the products (that are listed in my e-shop) will be direct from china to my customers all over the world.

Payments will be received from my customers via paypal, and Chinese suppliers will be paid (from me) by credit card (Bank transfer).

When a payment is made to a Chinese supplier, will i need to receive an invoice (or it can be proved by business bank account transactions)? I have attach typical Chinese invoice from one of my suppliers, is that type of invoice accepted by Companies House (HMRC)?