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Kit Question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Kit Question

  • This topic has 2 replies, 2 voices, and was last updated 2 years ago by JillyB.
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  • March 3, 2023 at 3:55 pm #680067
    maximus07
    Participant
    • Topics: 446
    • Replies: 437
    • ☆☆☆☆

    Which of the following statements is/are correct?

    1. When a business pays for fuel costs for an employee and there is some private use of the vehicle, a VAT charge will be payable even where the full cost of the private fuel is reimbursed by the employee, with output VAT being payable on the reimbursed fuel

    2. When a business pays for fuel costs for an employee and there is some private use of the vehicle, a VAT charge will be payable if the employee does not reimburse the employer, with output VAT being due based on a prescribed scale charge.

    Answer: 1is wrong and 2 is correct. Can you explain 1st statement?

    March 4, 2023 at 7:12 pm #680122
    maximus07
    Participant
    • Topics: 446
    • Replies: 437
    • ☆☆☆☆

    Both are correct*

    March 5, 2023 at 11:54 am #680160
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    This topic is fully covered in the Open Tuition chapter on VAT

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