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There is a question titled Lithograph in Kaplan Kit f6,
My query is that input vat is recoverable at 20 percent on even Zero rated purchases but in this question only standard rated purchases were taken into account, I don’t get that
I don’t have question but from what you have said above you have misunderstood the issue and confused the difference between PURCHASES and SALES!
VAT suffered on purchases may only be recovered if the purchase then relates to TAXABLE supplies (sales).
You have referred above to the VAT recoverable on purchases – there is NO VAT on zero rated purchases to recover! The only VAT you suffer is on standard rated purchases and this will be recoverable if it then relates to TAXABLE supplies made by the business and those supplies (sales) may be either standard or zero rated!
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