How vat has been distorted by the registration rules

Assignment Help Accounting Basics

Reference no: EM132810091

"Value Added Tax (VAT) should be a relatively simple tax - collected from business customers through the supply chain and finally borne by the final consumer in the price of goods and services purchased by them."

Question 1: "Discuss the above statement showing how a business accounts for VAT to HM Revenue & Customs. You should include the types of supply for VAT purposes and how these can affect the amount of tax paid over."

Question 2: "Discuss how VAT has been distorted by the registration rules, differing VAT rates, and, in some cases, the inability to reclaim input tax. How is "social justice" evident in this?"

Reference no: EM132810091

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