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Q291 MTQ OF Kaplan kit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Q291 MTQ OF Kaplan kit

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
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  • May 25, 2019 at 5:18 pm #517327
    maxpopper
    Member
    • Topics: 177
    • Replies: 132
    • ☆☆☆

    Sisters, berth and Army whitlock trade as a pertnership

    1) Partnership has been registered for VAT many years and on 1 Jan 2019 it began using flat rate scheme to calculate amount of VAT payable.Relevant flat rate scheme percentage for partnership trade is 13%

    2) For quarter ended 31 March 2019 partnership has standard rated sales of 50000 and exempt sales of 10000. For the same period standard rated expenses amounted to 27300. All figs are stated inclusive of VAT.

    Now there is an MTQ which says that whether the following statement concerning VAT is true or false
    Vat must still be charged on standard rated sales invoices at rate of 20%
    They have marked this statement as true. I could not understand this , can you please explain that why this statement is true?

    May 27, 2019 at 8:22 am #517491
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Makes no sense – the VAT to be paid in your example above would be:

    (50,000 + 10,000) x 13% = 7,800

    May 28, 2019 at 12:43 pm #517650
    maxpopper
    Member
    • Topics: 177
    • Replies: 132
    • ☆☆☆

    Sorry in the question it is that whether the following statement concerning VAT flat rate scheme is true or false

    Vat must still be charged on standard rated sales invoices at rate of 20%
    They have marked this statement as true. I could not understand this

    May 30, 2019 at 4:19 am #517882
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    OK I now see what you mean – it is not the calculation of the VAT but the administration of the system in terms of what is shown on the sales invoice issued to the customer.
    A VAT invoice must still be issued to customers and VAT at the rate of
    20% is still charged on standard rated supplies thus allowing the customer, if VAT registered to reclaim the correct amount of input VAT
    Hope this now explains

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