Excise Duty on Temporary Import

Question

I am sure this is a very basic question. I don't know how to treat Excise duty arising from a temporary import. I have taken product into the country on a temporary basis. I paid the revenue commissioners by bankers draft and when I return the product the revenue will return my payment of duty and VAT. 
 How are these transaction best handled in Sage account 50 and what nominal codes should I use?

Paul Morgan · Accepted Answer

Hi David, 
 You should post your supplier invoice as normal, in Suppliers > Batch invoices. The VAT code is usually T0, which represents zero rated items. If you&rsquo;re unsure about the VAT rating for your invoice, you should contact your local VAT office. 
 If you&rsquo;re using the Sage default nominal structure, 5101 is the Import Duty nominal code. The import VAT transaction does not affect this nominal code, as the net value is zero.

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