We import goods from Denmark and occasionally Irish Republic.
I use Code T14 for this - is this correct
We export - currently to Hungary and Canada - again I use T0 for these - is this correct?
We import goods from Denmark and occasionally Irish Republic.
I use Code T14 for this - is this correct
We export - currently to Hungary and Canada - again I use T0 for these - is this correct?
Hi Keith,
Thanks for using Sage City.
T14 is the tax code for the import of goods with no VAT, on your VAT Return this will add the net value of the goods to Box 7. You may need to use T17, T18 or T19 though, depending upon whether postponed VAT or Reverse Charge applies.
T0 would normally be used for exports that meet the conditions laid out by HMRC >
There's a summary of the default tax codes for Sage 50 Accounts in the following article: Default tax codes >
If you're ever unsure about which tax code to use, I always suggest asking HMRC how they want the VAT Return to be affected and we can then match that with a tax code for you.
If this reply has helped, please click More > Verify Answer.
Regards
Andy
Sage UKI
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