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Vat

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Vat

  • This topic has 3 replies, 2 voices, and was last updated 2 years ago by kinza1997.
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  • November 22, 2020 at 9:12 am #596021
    kinza1997
    Participant
    • Topics: 16
    • Replies: 18
    • ☆

    Question Bpp..zim06/15 no 295

    Zim is registered for VAT since 1 april 2007..sales is made to general public

    Purchases invoice totalling £49200 were received of which £43200 were in respect of standard rated purchases and £6000 for zero rated purchases.
    Figures are vat inclusive where applicable

    Vat payable is 43200*20/100 for standard and 0 for zero rated..

    While i am getting 6000*20/100 for zero rated..plz help..

    November 23, 2020 at 5:39 pm #596186
    kinza1997
    Participant
    • Topics: 16
    • Replies: 18
    • ☆

    Plz help

    November 25, 2020 at 12:16 pm #596393
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    There is NO VAT on zero rated sales / purchases – so remove the 6000 from the total sales figure and the balance of 43,200 is the VAT inclusive figure of the standard rated purchases,
    To then establish the amount of VAT on a VAT inclusive figure take 20/120 of that figure, NOT 20/100

    November 26, 2020 at 5:46 am #596479
    kinza1997
    Participant
    • Topics: 16
    • Replies: 18
    • ☆

    thank you

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