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VAT (Urgent Help Please)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › VAT (Urgent Help Please)

  • This topic has 0 replies, 1 voice, and was last updated 11 years ago by asg865.
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  • May 17, 2014 at 6:45 pm #169220
    asg865
    Member
    • Topics: 4
    • Replies: 1
    • ☆

    I am finding some difficulties in sloving this one?

    Bim, Bam, Billy and Bosh are all brothersand have recently start trading in business.

    Bim is a buthcher and owns his own shop. His turnover is GBP 68,000 for the year. He pays VAT on his Rent of GBP 1200 per year and was wondering if he should be VAT Registererd. The only Other VAT on expenses comes to 250 dor the year.

    Bam has just realised his turnover is 100,000 for the year end and has not yet VAT registered. He is an insurance sales person please advise what Bam should do, and will he incur penalties for late registration as his turnover went over 80,000 two months ago.

    Billy runs a newspaper shop and sell newspapers, confectioneries, and juice. He has a turnover for the year was 150,000 and was registered for the full year. Bex is Billy’s Wife and is employed in the business and has covered following expenses, she spent 120 on fuel of which 1/3 was for private use, paid the water rates of 100, purchased onfectionary for the business of 1450 and paid for the company insurance.

    Bosh runs a consultancy management limited company and has turnover of 125,000 and was registered for the full year. He believes that his profits will drop to 60,000 next year.

    Can you discuss the VAT position of each business and VAT methods available to the brothers.

    Thanks in Advance Please

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