Part F Outline the conditions required to avail of the alternative BIK calculation for company...
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Part F Outline the conditions required to avail of the alternative BIK calculation for company cars. 4 Marks Part 6 Karen set up her cake making business on 1 January 2020. She had sales of 4,000 per month for the first six months. From 1 July 2020 she was delighted to agree a contract with Tesco to supply 12 of their supermarkets daily with birthday cakes. This contract was worth 10,000 a month to her from 1 July 2020. She decided she would employ Mark in order to meet this demand from 1 July 2020. Karen bought two commercial mixers in April 2020 and decided to take one home with her to give to her friend Julie as a 50th birthday present. Required: Discuss for Karen if she needs to register for VAT and why? If Karen is VAT registered from January 2020, explain the VAT implications on taking home the mixer. 4 Marks
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