
Indirect Tax
Authored by Amanda Baines
Business
1st - 2nd Grade
Used 2+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A VAT registered business receives an order for goods from a customer on the 4th May. The goods are delivered on the 15th May and on the 20th May a tax invoice is issued. The customer pays on the 28th June.
What is the tax point date?
4th May
15th May
20th May
28th June
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What effect on the amount of VAT payable to HMRC will a credit note to a customer of £40 plus standard rated VAT have?
The amount payable will decrease by £40
The amount payable will increase by £40
The amount payable will decrease by £8
The amount payable will increase by £8
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Traders who make zero rated supplies are making taxable supplies and can register for VAT
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are given a purchase cost of £136 (VAT inclusive at standard rate).
Which of the the following will give you the VAT element of the cost?
Divide by 5
Divide by 1/6
Divide by 6
Divide by 1/5
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bad debt relief is entered into which box on the VAT return
1
2
4
5
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You can reclaim the VAT on business entertainment of overseas customers?
Yes
No
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the total output amount on two invoices on sales of standard- rated items:
To Red Ltd (amount exclusive of VAT) £750
To Black Ltd (amount inclusive of VAT) £562
£262.40
£218.66
£237.40
£243.66
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