Question
During the quarter to 31 December 2020, a taxable person Standard-rated supplies (including VAT) Zero-rated supplies Exempt supplies Input tax for the quarter is 118,000.
During the quarter to 31 December 2020, a taxable person Standard-rated supplies (including VAT) Zero-rated supplies Exempt 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 V A T provisionally payable to or reclaimable from HMRC for the quarter.
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V AT liability for the quarter Standard rated supplies ...
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Intermediate Accounting
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
1st edition
978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302
