I'm getting stuck on how to calculate the input and output VAT and the income tax bill
the company makes around R3m annually...
deductions are R2.4m...
How much of their turnover figure is output VAT, and how much should be regarded as revenue for the company?
Assuming that all of their deductions carry VAT, how much of their deductions figure is input VAT, and what proportion should be regarded as expenses for the company?
At the standard company rate, how big is their income tax bill?