A sales invoice for taxable supplies that includes standard rate VAT is being processed by a VAT registered business. What will be the effect of this invoice on the VAT due to be paid by this business to HMRC?

It will increase the amount of VAT due to be paid.

It will have no effect on the VAT payable by the business.

It will decrease the amount of VAT due to be paid.

Which of the following is a likely reason for a business to choose to voluntarily deregister for VAT?

The owner of the business is winding the business down prior retiring.

It only supplies standard-rated products

Whilst it previously supplied standard-rated products it now only supplies products that attract reduced rate VAT

The business only supplies zero-rated products

Which of the following businesses can voluntarily register for VAT?

A business that annually supplies standard-rated goods with a list price of £47,000 p.a.

A business that only supplies products which are exempt from VAT

An individual who sells his/her own second hand clothing on ebay

A business that supplies exempt goods with a list price of £98,000

A professional accountant who is responsible for completing the business's VAT return should ensure that he keeps himself fully up-to-date with current VAT regulations in order to comply with which of the following fundamental ethical principles?

Professional competence and due care

Anne runs a VAT registered business that sells a mix of zero-rated and standard-rated goods. Which of the following statements is true of Anne's business?

Anne can reclaim all the input VAT charged to his business

The amount of input VAT that Anne can reclaim will be subject to de minimis rules

Anne can only claim back the input VAT that relates to the standard-rated goods that she sells

None of the input VAT can be reclaimed by Anne's business

A VAT registered business supplies only zero-rated goods. The majority of the business's inputs are standard-rated for VAT. Which of the following will be true of the VAT Returns made by this business?

Most of the business's VAT Returns will result in a repayment from HMRC

Most of the business's VAT Returns will result in an amount payable to HMRC

The business will rarely have to complete a VAT Return as it supplies only zero-rated goods and so never has to pay money to HMRC

The business will only have to complete a VAT Return if it starts to supply standard-rated goods.

Indirect tax 1

Professional Development, Other Sciences

11th Grade - University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Taxable person is

HMRC

Customer

Client

Business which is registered for VAT

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

VAT is

direct tax

indirect tax

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Business which supply only zero-rated goods

can register for vat

cannot register for vat

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Business which supply only exempt goods

can register for vat

cannot register for vat

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Business which supply only zero-rated goods

can reclaim input tax

cannot reclaim input tax

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reduced rate of vat is

15%

20%

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Standard rate of vat is

10%

20%

100%

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Indirect tax 1

Taxable person is

VAT is

Business which supply only zero-rated goods

Business which supply only exempt goods

Business which supply only zero-rated goods

Reduced rate of vat is

Standard rate of vat is

Output tax must be charged on all sales made by a register trader.

Vat paid by a customer on a purchase invoice is treated as which of the following in the supplier's Vat Return?

A sales invoice for taxable supplies that includes standard rate VAT is being processed by a VAT registered business. What will be the effect of this invoice on the VAT due to be paid by this business to HMRC?

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