Entertaining - Employees - UK customers 4,935 5,250 Require 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?
Entertaining - Employees - UK customers 4,935 5,250 Require 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:29,370
Entertaining
UK customers
4,935
- Employees
5,250
Require
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?
Transcribed Image Text: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 He
invested in the business £ 10000000.
He is selling the following goods
£ Per month
1. luxury food,
2. Adult clothing and Footwear
3. domestic electricity/gas
4. books,
5. children's clothes and footwear
12000
8000
5000
13000
11000
Secondly, he is running a nonprofit making educational institution, with 1000 students. Annually he was generating fund from the institution of £100000 p a.
Mr Tahir, is registered for VAT, incurred the following expenditure (including VAT) during the quarter ended 31 December 2020.
14,500
New car for salesman (private use)
28,200
Three new motor vans
29,370
Second-hand container lorry
4,935
Entertaining
UK customers
5.250
Employees
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