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Stan is an accountant. He provides his services to individuals and businesses. During his VAT year to 31 December 2012 Stan provides services as follows: Business clients £78,000 Individual clients £32,500 These figures are shown exclusive of VAT. Stan also incurs expenses during the year of £11,745, inclusive of VAT at the standard rate. The flat rate percentage for accountancy businesses is 14.5%. You are required to calculate:
Stan's VAT due using the normal VAT rules is: ________ Stan's VAT due using the flat rate scheme rules is: ________ |