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| Computation of VAT Anne Attire runs a retail clothing shop. She is registered for value added tax (VAT), and is in the process of completing her VAT return for the quarter ended 30 November 2008. The following information is available (all figures are exclusive of VAT): (1) Cash sales amounted to £42,000, of which £28,000 was in respect of standard rated sales and £14,000 was in respect of zero-rated sales. (2) Sales invoices totalling £12,000 were issued in respect of credit sales. These sales were all standard rated. Anne offers all of her credit sale customers a 5% discount for payment within one month of the date of the sales invoice, and 90% of the customers pay within this period. The sales figure of £12,000 is stated before any deduction for the 5% discount. (3) Purchase and expense invoices totalling £19,200 were received from VAT registered suppliers. This figure is made up as follows:  Anne pays all of her purchase and expense invoices two months after receiving the invoice. (4) On 30 November 2008 Anne wrote off two impairment losses (bad debts) that were in respect of standard rated credit sales. The first impairment loss was for £300, and was in respect of a sales invoice due for payment on 15 July 2008. The second impairment loss was for £800, and was in respect of a sales invoice due for payment on 10 April 2008. Anne does not use the cash accounting scheme. Anne will soon be 60 years old and is therefore considering retirement. On the cessation of trading Anne can either sell the fixed assets of her business on a piecemeal basis to individual VAT registered purchasers, or she can sell the entire business as a going concern to a single VAT registered purchaser. Required: Calculate the amount of VAT payable by Anne Attire for the quarter ended 30 November 2008, and state the date by which the VAT return for this period was due for submission. |