VAT Quiz

What does VAT stand for?

• Value Added Tax

• Variable Added Tax

• Value Assessed Tax

• Variable Assessment Tax

Who charges VAT to the buyer?

• The seller

• The government

• The buyer

• The bank

What happens to the VAT collected by the seller?

• It is paid to the government

• It is kept by the seller

• It is refunded to the buyer

• It is donated to charity

What type of tax is VAT considered?

• Indirect tax

• Direct tax

• Income tax

• Corporate tax

What is one of the responsibilities of HMRC?

• Collection of taxes

• Healthcare services

• Education policies

• Transportation management

What regulatory regime does HMRC administer?

• National minimum wage

• Environmental protection

• Public health

• Transportation safety

Which of the following is NOT a responsibility of HMRC?

• Managing public transportation

• Collection of taxes

• Payment of state support

• Administration of national minimum wage

What should you do if you know your VAT taxable turnover will exceed the threshold?

• Ignore it

• Register for VAT

• Wait until it happens

• Consult a lawyer

What is a taxable supply in the UK?

• Any supply exempt from VAT

• Any supply made in the UK not exempt from VAT

• Any supply made outside the UK

• Any supply that is VAT-exempt

What does a taxable supply include?

• Supplies exempt from VAT

• Supplies zero-rated for VAT

• Supplies made outside the UK

• Supplies that are VAT-exempt