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Question -
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?
lori who is single purchased five-year class property for 150000 and seven-year class property for 400000 on may 20
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