Knowsley Ltd offers a mixture of standard rated and exempt supplies. In the quarter ended 31...

 

Transcribed Image Text:

Knowsley Ltd offers a mixture of standard rated and exempt supplies. In the quarter ended 31 March 2020 Knowsley Ltd's VAT records show: Input VAT relating to standard-rated supplies Input VAT relating to exempt supplies Non-attributable input VAT Standard-rated supplies (exclusive of VAT) Exempt supplies £ 28,320 9,123 16,855 132,700 365,890 In addition to the above, Knowsley Ltd sold some plant for £12,500 (exclusive of VAT). On 1 August 2020 Knowsley Ltd will buy a factory which it will use in its business for £657,000. I Requirements I 2.1 Using the standard method for partial exemption, calculate the net VAT payable to or repayable by HMRC for Knowsley Ltd's quarter ended 31 March 2020. (10 marks) 2.2 Calculate the stamp duty land tax on the purchase of the factory and state the payment date. (3 marks) [Total: 13 marks] Knowsley Ltd offers a mixture of standard rated and exempt supplies. In the quarter ended 31 March 2020 Knowsley Ltd's VAT records show: Input VAT relating to standard-rated supplies Input VAT relating to exempt supplies Non-attributable input VAT Standard-rated supplies (exclusive of VAT) Exempt supplies £ 28,320 9,123 16,855 132,700 365,890 In addition to the above, Knowsley Ltd sold some plant for £12,500 (exclusive of VAT). On 1 August 2020 Knowsley Ltd will buy a factory which it will use in its business for £657,000. I Requirements I 2.1 Using the standard method for partial exemption, calculate the net VAT payable to or repayable by HMRC for Knowsley Ltd's quarter ended 31 March 2020. (10 marks) 2.2 Calculate the stamp duty land tax on the purchase of the factory and state the payment date. (3 marks) [Total: 13 marks]

Answer rating: 100% (QA)

21 The net VAT payable to or repayable by HMRC for Knowsley Ltds quarter ended 3132020 ... View the full answer