Question
A) What is VAT? what is the difference between input and output VAT? B) Samo is a trader who purchases inventory at a cost of
A) What is VAT? what is the difference between input and output VAT? B) Samo is a trader who purchases inventory at a cost of 60,500 (inc. VAT) and incurs the expense of 4,000 (Inc. VAT) and sells the inventory for 85,000 (Excl. VAT). Required: If it standard rate is 20%. How will much the trader pay to HMRC or HMRC will pay for him?
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Enterprise Compliance Risk Management An Essential Toolkit For Banks And Financial Services
Authors: Saloni Ramakrishna
1st Edition
1118550285, 978-1118550281
