XZ sells two types of product, A and B. A is standard rated for VAT purposes and B is zero rated. All purchases have incurred VAT at standard rate.
XZ's sales (inclusive of VAT where applicable) for the three months to 31 March 2012 were:
XZ's purchases for the three months to 31 March 2012 were $32,333 exclusive of VAT.
Calculate the amount of VAT that XZ is due to pay for the three months to 31 March 2012.© BrainMass Inc. brainmass.com October 2, 2020, 5:47 am ad1c9bdddf
In the VAT settlement, we deduct input VAT from output VAT. The resulting ...
The amount of VAT payable is calculated as the difference between the output tax collected and input tax incurred in a sample question