During the quarter to 31 December 2020, a taxable person makes the following supplies: Input tax for

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During the quarter to 31 December 2020, a taxable person makes the following supplies:

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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 VAT provisionally payable to or reclaimable from HMRC for the quarter.

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Taxation Finance Act 2020

ISBN: 9781292360713

26th Edition

Authors: Alan Melville

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Question Posted: Feb 16, 2024 03:00 AM

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During the quarter to 31 December 2020, a taxable person makes the following supplies: Input tax for

Question:

Standard-rated supplies (including VAT) Zero-rated supplies Exempt supplies 326,400 88,000 440,000

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To compute the VAT provisionally payable to or reclaimable from HMRC for the quarter we need to calc...View the full answer

Taxation Finance Act 2020

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