Lance Ltd offers direct insurance sales and an insurance brokerage service. Its insurance sales are an exempt supply, while its insurance brokerage services are a standard-rated supply. In the quarter ended 31 March 2022 Lance Ltd's VAT records show: Input VAT relating to standard-rated supplies Input VAT relating to exempt supplies Non-attributable input VAT Standard-rated supplies (exclusive of VAT) Exempt supplies 26,456 8,123 14,255 126,479 343,416 In addition to the above, Lance Ltd sold some plant for 8,500 (exclusive of VAT). Lance Ltd also purchased a new car in March 2022 at a cost of 19,000 (exclusive of VAT). The new car is to be used by an employee of the insurance brokerage service for both business and private use. Lance Ltd does not pay for any private fuel. Requirements Calculate the net VAT payable to or repayable by HMRC for Lance Ltd's quarter ended 31 March 2022. Explain how any end of year adjustment is calculated. (10 marks)