How do I categorise Import Duty and Import VAT expense?
I have an expense regarding the import duty and import VAT that we paid when importing stock to the UK from China. The total invoice cost was £11,329.56 (see attached image) and this is showing as an expense in QuickBooks that I need to categorise. It is comprised of £1,303.47 for Import Duty paid and £10,026.09 for Import VAT paid.
How do I categorise this expense? I can split the expense
amount in to each type but the maximum VAT I can select is 20% whereas the
Import VAT expense is all VAT. No option available categorises the expense as
fully VAT expense for me which I need for my tax return. (see second attached image)