Accounting · Value Added Tax (VAT)
Triangle Ltd is registered for Value Added Tax (VAT) and uses the annual accounting scheme. For the year ended 31 December 2024, the net VAT payable by Triangle Ltd was £73,500. For the year ended 31 December 2023, the net VAT payabl e by Triangle Ltd was £47,700. Under the HMRC annual accounting scheme, determine the number and amount of the monthly payments on account of VAT which Triangle Ltd must make in respect of the year ended 31 December 2024 prior to submitting its VAT return.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Number of monthly payments: 10, Monthly payment amount: £4,770
- 2Number of monthly payments: 9, Monthly payment amount: £4,770✓
- 3Number of monthly payments: 10, Monthly payment amount: £7,350
- 4Number of monthly payments: 9, Monthly payment amount: £7,350
Correct answer
Number of monthly payments: 9, Monthly payment amount: £4,770
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