Robles & Co is a VAT-registered business. During the quarter just ended, it bought goods and services
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Robles & Co is a VAT-registered business. During the quarter just ended, it bought goods and services to the value of £51,690 excluding VAT, and its sales were £81,906 including VAT. All of the business’s sales are subject to VAT at 20%. However, only two-thirds of the goods and services it buys are subject to VAT at 20%. The other third are either zero-rated or exempt.
After preparing its VAT return for the quarter just ended, how much must the business pay to HMRC?
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Related Book For
Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood
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