use tax tables 2020/21
PART B - VAT (For question 5 use information from paragraphs vi and ii) B5) Calculate the net VAT GoMo Ltd will need to pay for the VAT quarter ended 30 November 2020 and state the date by which this VAT should have been paid. v. VAT GoMo Ltd registered for VAT from 1 March 2020, all its sales were standard rated. GoMo Ltd's outputs and inputs for the VAT quarter to 30 November 200 were as follows: Outputs Sales 845,400 Figures stated are exclusive of value Inputs Stock purchased added tax (VAT) 456,250 Services incurred 45,350 At the end of November, GoMo Ltd held 194,500 stock (exclusive of VAT). Capital purchases made during the quarter also exclude VAT as detailed in note (1) PARTC vil. MoFin Ltd On 10 November 2020. GoMo Ltd purchased 80% (800 shares) of the issued share capital in a new UK company called 'MoFin Ltd. GoMo Ltd paid 160,000 for the issued share capital. "MoFin" was originally run as a sole-trade by Mr Smith. On 10 November 2020, Mr Smith transferred the business assets in to a newly incorporated company "MoFin Ltd. in return he received 160,000 cash and a 20% shareholding in the company (200 shares). The market value of the net assets Mr Smith transferred to "MoFin Ltd' on incorporation was: Market value Internally generated goodwill 60,000 Freehold office 127,000 * The freehold office was bought March Debtors 25,000 2011 for 50,000 Creditors (12.000) Total net assets 200,000 Mr Smith. (who is 63 and a higher rate taxpayer), remains involved with the business as a part- time director of MoFin Ltd. ii. Plant and machinery The financial accounts for the period ended 31 December 2020 show the following tangible fixed asset additions: Cost 2 March 2020 Manufacturing machine 62,500 6 October 2020 Equipment for R&D purposes 1,600 8 November 2020 Petrol motor car 13,200 The motor car has emissions of 125g/km and is to be used by the managing director of the company to travel 10,000 business miles and 4,000 miles of private travel PART B - VAT (For question 5 use information from paragraphs vi and ii) B5) Calculate the net VAT GoMo Ltd will need to pay for the VAT quarter ended 30 November 2020 and state the date by which this VAT should have been paid. v. VAT GoMo Ltd registered for VAT from 1 March 2020, all its sales were standard rated. GoMo Ltd's outputs and inputs for the VAT quarter to 30 November 200 were as follows: Outputs Sales 845,400 Figures stated are exclusive of value Inputs Stock purchased added tax (VAT) 456,250 Services incurred 45,350 At the end of November, GoMo Ltd held 194,500 stock (exclusive of VAT). Capital purchases made during the quarter also exclude VAT as detailed in note (1) PARTC vil. MoFin Ltd On 10 November 2020. GoMo Ltd purchased 80% (800 shares) of the issued share capital in a new UK company called 'MoFin Ltd. GoMo Ltd paid 160,000 for the issued share capital. "MoFin" was originally run as a sole-trade by Mr Smith. On 10 November 2020, Mr Smith transferred the business assets in to a newly incorporated company "MoFin Ltd. in return he received 160,000 cash and a 20% shareholding in the company (200 shares). The market value of the net assets Mr Smith transferred to "MoFin Ltd' on incorporation was: Market value Internally generated goodwill 60,000 Freehold office 127,000 * The freehold office was bought March Debtors 25,000 2011 for 50,000 Creditors (12.000) Total net assets 200,000 Mr Smith. (who is 63 and a higher rate taxpayer), remains involved with the business as a part- time director of MoFin Ltd. ii. Plant and machinery The financial accounts for the period ended 31 December 2020 show the following tangible fixed asset additions: Cost 2 March 2020 Manufacturing machine 62,500 6 October 2020 Equipment for R&D purposes 1,600 8 November 2020 Petrol motor car 13,200 The motor car has emissions of 125g/km and is to be used by the managing director of the company to travel 10,000 business miles and 4,000 miles of private travel
