Tracey is a sole trader. She has the following transactions during the quarter to 31 December 2017
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Tracey is a sole trader. She has the following transactions during the quarter to 31 December 2017 (all amounts shown are VAT-exclusive):
Tracey drives a car with an emission rating of 16 4 g/km and reclaims input tax on all of the fuel used by this car, whether for business or private motoring . She does not keep detailed mileage records. Calculate the amount of VAT due for the quarter.
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Sales to UK customers: Standard-rated Zero-rated Exports of goods: To non-EU members To EU members (all customers are VAT registered) Purchases: Standard-rated Zero-rated Expenses: Wages and salaries Car repairs Insurances Entertaining UK customers Other expenses (all standard-rated) Capital transactions: Purchase of new plant and machinery Purchase of motor van 4 34,475 12,600 8,600 17,300 25,800 6,200 22,450 120 260 420 9,700 8,000 12,000
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In order to calculate the amount of VAT due for the quarter for someone in the UK like Tracey we need to understand how VAT works in this context The VAT due is generally the difference between the ou...View the full answer
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