What are the two bases upon which a business can register for VAT? Explain which bases would be more suitable for a sole trader business with a turnover of R2 million. (3) Q.3.5 The following information has been provided to you from the books of Beril Traders: Assume all amounts are 15% VAT inclusive. Sales R115 000 Purchases R86 250 Telephone R1 150 Advertising R920 Sales returns R6 900 Purchases returns R3 450 Required: Using the information provided above calculate the VAT payable or refundable. Clearly indicate whether the amount is payable or refundable.