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问答题(c) State (1) by when a business tax (BT) return must be filed and the tax paid and (2) the consequences of late payment. (2 marks)
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问答题3.SmartLtdcommencedtradingon1September2014.Thecompany’ssalesforthefirstfourmonthsoftradingwereasfollows:On1November2014,thecompanysignedacontractvaluedat￡86,000forcompletionduringNovember2014.Alloftheabovefiguresarestatedexclusiveofvalueaddedtax(VAT).SmartLtdonlysuppliesservicesandallofthecompany’ssuppliesarestandardrated.SmartLtdallowsitscustomers60dayscreditwhenpayingforservices,anditisconcernedthatsomecustomerswilldefaultonthepaymentoftheirdebts.Thecompanypaysitspurchaseinvoicesassoonastheyarereceived.SmartLtddoesnotuseeithertheVATcashaccountingschemeortheannualaccountingscheme.Required: