Andre is a sole trader and is registered for VAT. In the quarter ended 31 March...

 

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Andre is a sole trader and is registered for VAT. In the quarter ended 31 March 2022 he had the following transactions: Sales (exclusive of VAT where applicable) Standard rated £640,000 £36,000 Zero rated Purchases (all standard rated and exclusive of VAT) Purchases of inventory £500,000 Expenses (inclusive of standard rated VAT where applicable) Wages £165,000 Electricity £73,200 Insurance £16,200 Motoring expenses (all business) £57,600 Bad debts of £3,400 (due on 30 April 2021) and £2,500 (due on 31 December 2021) were written off by Andre in March 2022. Both amounts are exclusive of VAT. Required: Calculate the amount of VAT payable or reclaimable by Andre for the quarter ended 31 March 2022 and state the due date of payment Andre is a sole trader and is registered for VAT. In the quarter ended 31 March 2022 he had the following transactions: Sales (exclusive of VAT where applicable) Standard rated £640,000 £36,000 Zero rated Purchases (all standard rated and exclusive of VAT) Purchases of inventory £500,000 Expenses (inclusive of standard rated VAT where applicable) Wages £165,000 Electricity £73,200 Insurance £16,200 Motoring expenses (all business) £57,600 Bad debts of £3,400 (due on 30 April 2021) and £2,500 (due on 31 December 2021) were written off by Andre in March 2022. Both amounts are exclusive of VAT. Required: Calculate the amount of VAT payable or reclaimable by Andre for the quarter ended 31 March 2022 and state the due date of payment

Answer rating: 100% (QA)

Calculation of VAT PayableReclaimable by Andree for Quarter ended 31st Mar 2022 Particula... View the full answer