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What is the property business income

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Q1) A standard rated supply is made in May 2016 at a price of £340, plus VAT. Calculate the VAT chargeable and the consideration for the supply if:

No discount is offered.

The customer takes up a 2% discount offered for prompt payment.

The customer does not take up the 2% discount offered.

Q2) Sada owns a freehold house is let out furnished. The property was let throughout the tax year 2018/19 at a monthly rent of £660. During the tax year 2018/19, Sada paid the following:

Council tax £1,400

Insurance £350

Improvements to property £1,500

Advertising for tenants £150

Water rates £1,000

Minor repairs £300

Sada claims the wear and tear allowance.

What is the property business income?

Reference no: EM133059893

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