Can any one tell me this answer
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Chopstick
Registered Posts: 6
A VAT registered business has joined the flat rate scheme, with a percentage of 16%. During the VAT quarter credit sales are £20,400 (including VAT) and cash sales are £1,200 (including VAT). How much VAT is payable to HMRC?
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I understand you should calculate the total of your gross sales (20,400 + 1,200) and apply the % on it. Therefore the VAT due should be 16% on 21,600 = £3,456. I am not a VAT expert but I guess that's the answer!0
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The £21800 is the VAT inclusive figure.
So the VAT payable is 21800*16/116 = £3006.900 -
Thank You, I was really confused why my answer was wrong got it now..0
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