V ltd. provides one of its directors with a company motor car used both business and private mileage.
for quarter ended 31 mar,2016 the toatal petrol cost for the car was £600,which 30% was for private use by the director.the relevant quarterly scale charge is £294.both figure inclusive of Vat.
what output vat and input vat will V ltd include on its vat return for the quarter ended 31mar 2016 in respect of the company car?
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output & input tax
output vat=294X(20/120)=49
input vat=600X(20/120)=100
but ans shows,
output vat =0;input vat=100
please suggest sir!
Looking at the information you have provided I would agree your answer
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