Robles & Co is a VAT-registered business. During the quarter just ended, it bought goods and...
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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 £46,020 excluding VAT, and its sales were £61,548 including VAT. All of Robles & Co's sales are subject to VAT at 20 per cent. However, only two-thirds of the goods and services it buys are subject to VAT at 20 per cent. The other third are either zero-rated or exempt. After preparing its VAT return for the quarter just ended, how much must Robles & Co pay to HMRC? Robles & Co is a VAT-registered business. During the quarter just ended, it bought goods and services to the value of £46,020 excluding VAT, and its sales were £61,548 including VAT. All of Robles & Co's sales are subject to VAT at 20 per cent. However, only two-thirds of the goods and services it buys are subject to VAT at 20 per cent. The other third are either zero-rated or exempt. After preparing its VAT return for the quarter just ended, how much must Robles & Co pay to HMRC?
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Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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