Import VAT

Import VAT is a type of value added tax charged on goods imported into the UK from other countries. It is applied at the standard UK VAT rate and is calculated based on the customs value of the goods, which includes the product price, shipping costs, and any applicable duties.

Formula for calculating Import VAT:

Import VAT = (Cost of Goods + Shipping + Customs Duty) × VAT Rate

Refer to our help documentation to learn how to record Import VAT in Zoho Books.