how did it get £47400
Triangle Ltd is registered for value added tax (VAT) and uses the annual accounting scheme.
For the year ended 31 December 2015, the net VAT payable by Triangle Ltd was £73,500.
For the year ended 31 December 2014, the net VAT payable by Triangle Ltd was £47,700.
calculate number of no of monthly payment and monthly payment amount
ans
£47400*90%/9
Ask the Tutor ACCA TX-UK
acca sept 2016
Just look at the end answer - 4,770. The figure of 47,400 is clearly another typing error! More importantly did you get the right answer?
yes
10% of vat payable for previous year
Yes - nine monthly payments on account based on 10% of previous year (being the question here) with the 10th payment being the final settlement 2 months after the period end
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