Indirect Tax Sample Assessment - FA2015
dgaukrodger
Registered Posts: 1
Hi all,
Just getting in some last minute revision for my Indirect Tax Exam which is tomorrow!
Whilst I was completing the sample assessment listed above I have come across an issue, which has thrown me?
Question 1.6 (c) asks you to calculate the total value of all purchases and all other inputs, for box 7 of the VAT return.
When I first did this I got £495,153 (455,328.54 + 39,824.73), however the answers show a figure of £503,320, which includes an additional £7,166.
I understand that this figure comes from the VAT on the vehicle purchased by the company - however upon again reading the text beneath the ledger listings "You are told that UK purchases included a company car for £35,834 plus VAT...)
Based on this it seems that if you then take the UK purchases figure of £455,328 and then add an additional £7,166, then this figure of £7,166 has been included twice?
Again, I am not sure if this is me just not understanding what is being asked, but I believe that this is very misleading and possibly incorrect.
Please can someone else give me their opinion on this?
Kind regards,
Daniel
Just getting in some last minute revision for my Indirect Tax Exam which is tomorrow!
Whilst I was completing the sample assessment listed above I have come across an issue, which has thrown me?
Question 1.6 (c) asks you to calculate the total value of all purchases and all other inputs, for box 7 of the VAT return.
When I first did this I got £495,153 (455,328.54 + 39,824.73), however the answers show a figure of £503,320, which includes an additional £7,166.
I understand that this figure comes from the VAT on the vehicle purchased by the company - however upon again reading the text beneath the ledger listings "You are told that UK purchases included a company car for £35,834 plus VAT...)
Based on this it seems that if you then take the UK purchases figure of £455,328 and then add an additional £7,166, then this figure of £7,166 has been included twice?
Again, I am not sure if this is me just not understanding what is being asked, but I believe that this is very misleading and possibly incorrect.
Please can someone else give me their opinion on this?
Kind regards,
Daniel
0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership