Shanahan Ltd is registered for VAT and is partially exempt. During the year the company
incurred input tax of £136,000. Of this, £100,000 was attributable to taxable supplies,
£13,000 was attributable to exempt supplies and £23,000 was unattributable. The total
VAT exclusive value of supplies made by Shanahan Ltd for the year was £975,000.
£100,000 of the £975,000 was in respect of zero rated supplies. £80,000 of the £975,000
was from exempt supplies. How much of Shanahan Ltd’s input tax is recoverable?
1
Expert's answer
2019-01-03T11:33:11-0500
Percentage of taxable supplies:
£100,000/£136,000=73.5%
Percentage of unattributable to exempt supplies:
£23,000/£136,000=16.9%
Amount of tax recoverable:
(Total supplies-Exempted supplies)*% of recoverable tax
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment