Hannah is VAT-registered and sells standard-rated goods in the UK and also exports the same goods overseas. Hannah has provided you with the following information for the quarter ended 31 August 2024 in order to prepare her VAT return: Sales: £ All sales are stated exclusive of VAT where relevant. Sales to UK customers 29,570 Sales to VAT-registered businesses overseas 15,220 Sale of machinery in the UK 2,000 UK expenditure: All expenditure is stated inclusive of standard-rated VAT. Expenses incurred related to UK sales 870 Expenses incurred related to overseas sales 2,900 Purchase of a car for use 65% for private purposes by Hannah 15,000 Purchase of a computer for use 30% for private purposes by Hannah 890 Requirement Calculate the VAT payable to HMRC for the quarter ended 31 August 2024 and state when the VAT will be paid. State your treatment of the overseas sales.

Answer rating: 100% (QA)

To calculate the VAT payable to HMRC for the quarter ended 31 August 2024 we need to consider the sa... View the full answer