Q3 June 2011
Please help me with the basic periods for the second year in both cases for me if is YE 31 March – means short period of accounts, which means that in the second year the period is first 12 months/ or 12 month from 1.07 / starting date/ i.e 01.07-30.06
if YE 30 June
the result will be the same for the second period. Long period, last 12 months up to 30 june, which is again 01.07-30.06… So please help me where I am wrong..
SEcond question-partial VAT exemption
Why on June 2011 in the answer is recovered VAT attributable directly to exempt suppliers on purchases, which is NEVER recoverable according to all the study texts, i.e these 950 ?
And if this de minimus test included the amount of Vat to all Exempt purchases+non-attributable overheads, or just amount of non-attributable overheads?
Firstly basis periods are F6 knowledge so you need to revise these rules. They are rules so don’t try and apply shortcut methods
Secondly if the irrecoverable VAT is below one of the three deminimus tests it is recoverable.
Note this is a P6 question on the F6 site
I have tried to figure out how the second year basis works(bases year periog). Can you please help me with understanding the second year rule.
Please look at OT notes chapter 6 with the video as the you need to see the tutor work through the rules
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