=+. As well as the VAT and PAYE balances disclosed in the accounts, which STOUT Limited will
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=+. As well as the VAT and PAYE balances disclosed in the accounts, which STOUT Limited will pay in full, the auditors of STOUT have discovered an additional VAT liability of €16,000. They intend to disclose this to the authorities, and interest and penalties of 12% will accrue in respect of this additional liability. It has been agreed that the partners will pay for 50% of this additional VAT liability and 80% of penalties.
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Related Book For 
International Financial Accounting And Reporting
ISBN: 9780903854726
2nd Edition
Authors: Ciaran Connolly
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