Answered: If John is required to file his VAT…

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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Question

A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022.

If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to:

File his April 2022 VAT Return on the 15 May 2022

He is not required to file a VAT Return as the sales is below the VAT threshold.

File his February 2022 VAT Return on the 15 March 2022

File his March 2022 VAT Return on the 15 April 2022

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