Solution-Calculate the amount of vat

Calculate the amount of vat

Reference no: EM13558828

Justin has the following transactions in the quarter ended 31 December 2013. All amounts exclude any VAT unless otherwise stated.

Purchases (all standard-rated)	£
Furniture for resale	275,000
Computer for use in the business	2,400
Restaurant bills: entertaining UK customers	1,900
Petrol for cars owned by Justin and used only by his employees	2,800
SalesFurniture (standard-rated)	490,000
Books on interior design (zero-rated)	2,400

Only one employee's car has petrol for private motoring provided by Justin who has opted to use the fuel scale. The appropriate fuel scale charge for the quarter is £388 inclusive of VAT.

Required

Calculate the amount of VAT which Justin must pay to HM Revenue and Customs for the quarter.

Reference no: EM13558828

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Calculate the amount of vat

Reference no: EM13558828

Reference no: EM13558828

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