HMRC Rules

When did the new rules for Making Tax Digital (MTD) apply?

• April 2018

• April 2019

• April 2020

• April 2021

Which of the following is NOT a requirement under Making Tax Digital?

• Digital record keeping

• Manual VAT returns

• Use of compatible software

• Filing VAT returns digitally

What is the main focus of Making Tax Digital?

• Increasing tax rates

• Digitalization of tax records

• Reducing business taxes

• Eliminating VAT

When was the guidance note accessed?

• 21st June 2021

• 21st June 2020

• 21st July 2020

• 21st May 2020

What types of goods or services require a VAT invoice?

• Only luxury goods

• Only digital services

• Standard rate or reduced rate goods or services

• Only imported goods

What is the primary purpose of a VAT invoice?

• To track inventory

• To comply with VAT rules

• To calculate profit margins

• To manage employee salaries

Is a VAT invoice required for personal transactions?

• Yes

• No

• Only for large transactions

• Only for international transactions

What is the main requirement for a business to issue a VAT invoice?

• Being a large corporation

• Being VAT-registered

• Having international clients

• Selling luxury goods

Within how many days must a customer settle an invoice to receive a prompt payment discount?

• 14 days

• 7 days

• 30 days

• 60 days

What was a consequence of the old VAT rule for HM Revenue & Customs?

• Loss of VAT

• Increase in VAT

• No change in VAT

• Gain of VAT