Mr. Tahir is thinking to start our business to supply Consumer goods. He also expected that the annual turnover of the business will be more that £ 150000 Heinvested in the business £ 10000000He is selling the following goods£ Per month120001. luxury food,2. Adult clothing and Footwear3. domestic electricity/gas4. books,5. children's clothes and footwear800050001300011000Secondly, he is running a nonprofit making educational institution, with 1000 students. Annually he was generating fund from the institution of 2100000 p a.Mr Tahir, is registered for VAT, incurred the following expenditure (including VAT) during the quarter ended 31 December 2020.14,500New car for salesman (private use)28,200Three new motor vanS29,370Second-hand container lorry4,935EntertainingUK customers5.250Employees fory29,370EntertainingUK customers4,935Employees5,250Require1. What VAT is charged on taxable supplies of goods and services in UK made by taxable persons in course of Mr Tahir business?2. By what date is Mr Tahir required to notify HMRC that he is liable to register for VAT? And from which date must she be registered?3. How much VAT can be reclaimed in respect of the above and on what amount will Mr. Tahir be entitled to claim capital allowances?

VAT, a consumption tax, is imposed on the value added during the production or distribution of goods…

1. What VAT is charged on taxable supplies of goods and services in UK made by taxable persons in course of Mr Tahir business? 2. By what date is Mr Tahir required to notify HMRC that he is liable to register for VAT? And from which date must she be registered? 3. How much VAT can be reclaimed in respect of the above and on what amount will Mr. Tahir be entitled to claim capital allowances?

1. What VAT is charged on taxable supplies of goods and services in UK made by taxable persons in course of Mr Tahir business? 2. By what date is Mr Tahir required to notify HMRC that he is liable to register for VAT? And from which date must she be registered? 3. How much VAT can be reclaimed in respect of the above and on what amount will Mr. Tahir be entitled to claim capital allowances?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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