During the quarter to 31 December 2020, a taxable person makes the following supplies: Input tax for
Question:
During the quarter to 31 December 2020, a taxable person makes the following supplies:
Input tax for the quarter is £118,000. Of this input tax, 35% is attributed to taxable supplies, 40% is attributed to exempt supplies and 25% is unattributed. Compute the VAT provisionally payable to or reclaimable from HMRC for the quarter.
Transcribed Image Text:
Standard-rated supplies (including VAT) Zero-rated supplies Exempt supplies 326,400 88,000 440,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
To compute the VAT provisionally payable to or reclaimable from HMRC for the quarter we need to calc...View the full answer
Answered By
Talha Talib
I am a member of IEEE society. As i am a student of electrical engineering badge 17 but beside of this i am also a tutor in unique academy. I teach calculus, communication skills, mechanics and economics. I am also a home tutor. My student Muhammad Salman Alvi is a brilliant A-level student and he performs very well in academics when i start to teach him. His weak point was mathematics but now he is performing well in mathematics. I am a scholarship holder in Fsc as i scored 1017 marks in metric out of 1100. Later on i got scholarship in Punjab Group of Colleges. I got 2nd position in robotics competition in 2018 as my project home automation select for the exhibition in Expocentre.
4.60+
23+ Reviews
62+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
During the quarter to 31 December 2017, a taxable person makes the following supplies: Standard-rated supplies (including VAT) Zero-rated supplies Exempt supplies Input tax for the quarter is...
-
During the quarter to 31 December 2021, a taxable person makes the following supplies: Input tax for the quarter is 118,000. Of this input tax, 35% is attributed to taxable supplies, 40% is...
-
During the quarter to 31 December 2017, Nancy makes supplies as follows: Standard-rated supplies (excluding VAT) Zero-rated supplies Exempt supplies She suffers input tax as follows: Attributed to...
-
Craig Industries was in the business of manufacturing charcoal. Craig, the corporation's president, contracted in the name of the corporation to sell the company's plants to Husky Industries. Craig...
-
Corbin reported adjusted gross income of $170,000. Other information is as follows. Standard deduction..............................................$ 6,300 Personal...
-
Suppose f is a continuous function defined on a rectangle R = [a, b] [c, d]. (a) Write an expression for a double Riemann sum of f. If f(x, y) 0, what does the sum represent? (b) Write the...
-
BOP Accounting Deficits. A deficit in the BOP is not necessarily a bad thing, but must be analyzed in relation to the business cycle and economy. Explain.
-
Snowden Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and testing than does Decoder Q. Because of these product differences, the...
-
What is the area of a regular polygon with 8 sides and a radius of 4 m 2 0 557232&back-https://mylabschool.pearson.com/Stud https://membean.c... Grammady The Al P HW Score: 42.86%, 3 of 7 po O...
-
Tracey is a sole trader. She has the following transactions during the quarter to 31 December 2020 (all amounts shown are VAT-exclusive): Tracey drives a car with an emission rating of 114 g/km and...
-
Sebastian is self-employed. He drives a car with an emission rating of 173 g/km and he charges the cost of all the petrol used to his business bank account. In the quarter to 31 July 2020, he uses...
-
Using the Maple software package: (a) Consider the square plate in Example 6.2 . 1 for a mesh spacing of \(h=4 \mathrm{~cm}\) (that is, \(h=a / n\), where \(a=12 \mathrm{~cm}\) and \(n=3\) )....
-
Which of the following would not likely motivate management to selectively sell available-for-sale securities? a. Market share declined 5 percent this year. b. A new product has not been...
-
Which of the following financial statement assertions are addressed by testing the cutoff for plant asset additions? a. Existence and rights. b. Valuation or allocation. c. Completeness and...
-
What is the primary focus of an auditor's tests of controls over purchasing?
-
Assuming that one of management's control objectives is to restrict access to securities, which of the following would not be appropriate to satisfy the objective? a. Establish physical barriers over...
-
The following data show the ages of 50 patients who had sports-related surgeries. Construct a frequency distribution for the data using five classes and summarize the results. SEARC REESE 7253 28 25...
-
The accountants for Monoglut, Inc., have developed the following information regarding the standard cost and the actual cost of a product manufactured in March: Instructions a. Compute the materials...
-
1. True or False. Pitfalls to consider in a statistical test include nonrandom samples, small sample size, and lack of causal links. 2. Because 25 percent of the students in my morning statistics...
-
The tax credit for rehabilitation expenditures is available to help offset the costs related to substantially rehabilitating certain buildings. The credit is calculated on the rehabilitation...
-
Tom, a calendar year taxpayer, informs you that during the year, he incurs expenditures of $40,000 that qualify for the incremental research activities credit. In addition, it is determined that his...
-
Using the legend provided, indicate which form of business entity each of the following characteristics describes. Some of the characteristics may apply to more than one form of business entity....
-
Angela is entitled to a fixed annual payment of $15,000 from ABC Partnership without regard to the income of the partnership. Her share of the partnership income is 10%. After deducting the...
-
Rosie has $24,000 short-term capital loss, $10,500 28% gain and $9,000 0%/15%/20% gain. Which of the following statements is correct? a. Rosie has a $19,500 net capital gain b. Rosie has a $7,500...
-
Wyatt Company was formed on January 1, Year 1, when it acquired $50,000 cash from issuing common stock. Which of the following shows the impact of this transaction on Wyatt's accounting equation?...
Study smarter with the SolutionInn App