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IATI Taxattion question : any help?

  • 15-05-2007 6:06pm
    #1
    Hmm_Messiah
    Registered Users, Registered Users 2 Posts: 1,964 ✭✭✭


    Sorry if this is the wrong forum, technically a taxation question but ... It appears on the IATI Aug 06 past paper and I can't see how they arrived at the solution
    the solutions given show no details only the figures as per the VAT3

    T1 (Sales) 14802.00

    T2 (Purchases) 2368.00

    T3 12434.00

    I've attached the question

    Reading it I'm of the opinion

    the 10000.00 bad debt makes no difference as he has NOT received any money ( CASH basis)

    I've excluded the computer as a VAT input

    I understand
    his total payment for the small hse 15000= 6000+2000+3000+4000

    I calculated as a sub contractor his receipt of 70k should be treated as

    being 65% of the total (35% retained by the contractor) and so its

    70000/65*100 = 113.5%


    I can't see any relevance of the item stolen replaced ; its not in my notes
    is there some relief so that he does not have to pay VAT to replace the lost item ? doubt it

    Have disallowed the laptop and 20% of the phone as input credits

    its wrecking my head - not getting near those figures in solution.
    Any help ?
    (Please suggest an alternative forum if this is wrong place )


Comments

  • #2
    Hmm_Messiah
    Registered Users, Registered Users 2 Posts: 1,964 ✭✭✭Hmm_Messiah


    Its ok


    found the problem

    9was taking off the pc from the input credits rather than leaving them there and adding to the output as " self supply" )


  • #3
    dhandaulat33
    Closed Accounts Posts: 1 ✭dhandaulat33


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