Indirect Tax FA20:1

VAT stands for...

• Value Added Tax

• Value Added Taxes

• Value Additional Tax

• Indirect Tax

VAT is a/an... (tick two)

• tax on consumer expenditure

• indirect tax

• direct tax

• income tax

The VAT process starts with...

• Registration

• Collection

• Input VAT

• Output VAT

VAT is charged by....

• the HMRC

• a taxable person

• business

• individuals

Registration for VAT is compulsory if...

• taxable supplies exceeds £81,000 in the past 12 months

• taxable supplies exceeds £83,000 in the past 12 months

• taxable supplies exceeds £85,000 in the past 12 months

• taxable supplies exceeds £87,000 in the past 12 months

The threshold for compulsory registration for VAT is ...

• £85,000

• £85,500

• £83,000

• £83,500

Registration for VAT is compulsory if...

• taxable supplies exceeds £81,000 in the next 30 days

• taxable supplies exceeds £83,000 in the next 30 days

• taxable supplies exceeds £85,000 in the next 30 days

• taxable supplies exceeds £87,000 in the next 30 days

Output tax is....

• VAT charge on taxable supplies

• VAT paid on taxable supplies

• VAT charge on taxable supplies

• VAT on purchases of goods and service

Input VAT is...

• VAT on sale of goods and services

• VAT on purchases of goods and services

• VAT charge on sales income

• VAT exempt supplies

There are two types of registrations. What are they?

• Voluntary

• Compulsory

• Ethical

• Future test