Flat rate VAT question
ASDjeb
Registered Posts: 9
doing a learning check on my course. I can't get the answer right.
Question is:
company uses flat rate. rate is 13%.
turnover is £14867.50. goods are standard rated for VAT.
how much do they pay to HMRC for the period?
I keep getting 1909.37
but it keeps telling me the answer is £2291.25
can anyone explain this to me please??
thanks in advance
Question is:
company uses flat rate. rate is 13%.
turnover is £14867.50. goods are standard rated for VAT.
how much do they pay to HMRC for the period?
I keep getting 1909.37
but it keeps telling me the answer is £2291.25
can anyone explain this to me please??
thanks in advance
0
Comments
-
Flat rate is applied to the turnover INCLUDING VAT so £14687.50*120%=£17625
£17625*13%= £2291.25
Hope that helps1
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