Bradleigh Paynes books show the following information for February 2005: VAT on sales for the month

Question:

Bradleigh Payne’s books show the following information for February 2005:

● VAT on sales for the month was £867.54.

● VAT on returns inwards was £12.54.

● VAT on purchases for the month was £342.54.

● Cash expenses paid during the month totalled £108.45 which included reclaimable VAT at 17.5%.

Calculate the amount of VAT due for the month of February 2005.

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