1.2 VAT registration and deregistration requirements

Isla is starting a new business and needs to know when she should register for the normal VAT scheme. What is the threshold for this registration?

• Historic turnover method

• Taxable supplies threshold

• Registration and deregistration thresholds

• Future turnover method

James, who runs a bookstore, is reviewing his accounts and wonders which of the following is NOT a category of VAT supplies?

• Zero-rated supplies

• Standard-rated supplies

• Non-taxable supplies

• Reduced-rated supplies

George is reviewing his business's financial records. What does the historic turnover method determine for his business?

• Eligibility for voluntary deregistration

• Past turnover for VAT registration

• Future business projections

• Tax rates for different supplies

Rohan is considering registering his startup for VAT voluntarily. Which option describes a benefit of this decision?

• Increases product prices

• Mandatory for all businesses

• Beneficial to the business

• Avoiding tax payments

Ella is running a bookstore. Which of the following is a characteristic of the exempt supplies she provides?

• Charged at standard VAT rate

• Not subject to VAT

• Always illegal

• Subject to reduced VAT rate