Question
is a VAT registered Irish business. The company had the following transactions in the period November/December 2020: Sales: Goods supplied to Irish business customers 45,000
is a VAT registered Irish business. The company had the following transactions in the period November/December 2020:
Sales: |
|
Goods supplied to Irish business customers | 45,000 |
Goods supplied to Irish private customers | 32,000 |
Goods supplied to business customers in China | 37,000 |
Goods supplied to business customers in France | 25,000 |
Purchases: | |
Purchases of goods for resale | 42,580 |
Car | 32,000 |
Office supplies | 4,500 |
Entertaining | 1,850 |
Petrol for vehicles (inclusive of VAT at 23%) | 3,000 |
Diesel for vehicles (inclusive of VAT at 23%) | 7,000 |
Servicing and repairs of vehicles (exclusive of VAT at 13.5%) | 10,000 |
Equipment from German suppliers (VAT registered) | 19,000 |
Legal services from Italian legal firm | 12,000 |
All figures are exclusive of VAT at the standard rate of 23%, except where stated otherwise. The car purchased is CO2 emissions category A vehicle, which is used 75% of the time for business purposes. The equipment purchased from the German suppliers was used for trade purposes.
Required
Calculate the VAT liability/refund of the company for November/December 2020. As part of your answer, explain in detail your VAT treatment of all sales, purchases and costs.
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