Reference no: EM13558856
Ongoing Ltd
Ongoing Ltd is registered for VAT, and its sales and purchases are all standard-rated. The following information relates to the company's VAT return for the quarter ended 30 April 2013:
(1) Standard-rated sales amounted to £120,000. Ongoing Ltd offers its customers a 5% discount for prompt payment, and this discount is taken by half of the customers.
(2) Standard-rated purchases and expenses amounted to £35,640. This figure includes £480 for entertaining UK customers.
(3) On 15 April 2013 the company wrote off impairment losses (bad debts) of £2,100 and £840 in respect of invoices due for payment on 10 August 2012 and 5 December 2012 respectively.
(4) On 30 April 2013 the company purchased a motor car at a cost of £16,450 for the use of a salesperson, and machinery at a cost of £21,150. Both these figures are inclusive of VAT. The motor car is used for both business and private mileage.
(5) On 30 April 2013 the company sold a motor car for £12,000 which had been used for both business and private mileage.
Unless stated otherwise, all of the above figures are exclusive of VAT. Ongoing Ltd does not operate the cash accounting scheme.
Required
Calculate the amount of VAT payable by Ongoing Ltd for the quarter ended 30 April 2013.
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