?A) What is VAT? what is the difference between input and output VAT Page I 3 Department of Accounting, Finance \& Banking B) Samo, is a trader who purchases inventory at a cost of 60,500 (inc. VAT) and incurs the expense of 4,000 (Inc. VAT) and sells the inventory for 85,000 (Excl. VAT) :Required If it standard rate is 20%. How will much the trader pay to HMRC or HMRC (a) will pay for him? If it Zero rate (0\%). How much the trader will pay for HMRC or HMRC will (b) pay to Samo