Business accounting - Lampeter Builder's Merchants Essay

ancestry accounting - Lampeter Builders Merchants - Essay ExampleVehicle running expenses 44,000 Electricity 3,000 Insurance 15,000 Stationery 2,000 208,000 Net lolly 540,000 (2) Profit and Loss Statement LAMPETERS BUILDERS MANAGEMENT BALANCE SHEET AS AT MARCH 31, 2011 list in ? Non-Current Assets Fixed Assets (Cost) 200,000 Accumulated Depreciation (100,000) Fixed Assets (WDV) 100,000 Current Assets Trade debtors 18,000 Bank (9,000) Closing gillyflower 478,000 Total Assets 587,000 Current Liabilities Trade creditors 43,000 Capital 28,000 Drawings (24,000) Profit for the year 540,000 Total Equity and Capital 587,000 (3) think of Added Taxation Research The prime resource for research was the website HM Revenue and Customs Planning and request What are the prevailing vat roams in UK What rates are applicable on the line of business that the company is currently engaged in What are the methods and procedure of filing the VAT returns How the VAT is cypher What are the deadlines for submission of the return Presentation VAT is applicable on different rate depending on the type of Goods and services offered by the company. In addition, in that respect are some goods and services that are exempted from VAT. The VAT rates are divided into three segments banner govern 20 per cent Reduced Rate 5 per cent Zero Rate 0 per cent 1 Since the Company, Lampeter Builders Merchants is involved in the construction and existent business, the following rates are applicable on the company Type of work VAT rate Construction of a new house or flat zero Converting a building into a house or flat decreased rate Renovating or altering an empty house or flat reduced rate Supplying and installment certain mobility aids for elderly people reduced rate Supplying and installing certain energy saving materials and equipment reduced rate Supplying and installing certain...VAT is applicable on different rate depending on the type of Goods and services offered by the company. In ad dition, there are some goods and services that are exempted from VAT. The VAT rates are divided into three segmentsStandard Rate20 per centReduced Rate5 per centZero Rate0 per cent 1Since the Company, Lampeter Builders Merchants is involved in the construction and material business, the following rates are applicable on the companyAt the end of every three months, the company already registered for VAT needs, to file a quarterly VAT return. The return can be filed either electronically or through stem returns. The returns, after properly completing are then sent to the following address