WorksheetsAAT ITAX 2
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
A VAT registered business who is making a supply to a country outside the UK is making what?
a)
A Despatch
b)
An Acquisition
c)
An Import
d)
An Export
2.
If VAT was reclaimed on the purchase of a pool car, should VAT be charged on the sale of this car?
a)
Yes
b)
No
c)
It depends what the car is to be used for
d)
Yes, but at a lower percentage
3.
When a trader joins the flat rate scheme, what does he receive in his first year of registration?
a)
A bunch of flowers
b)
A discount of 2% on the flat rate
c)
A discount of 1% on the flat rate
d)
A 3 month VAT free period
4.
Which of the following is not a current VAT rate?
a)
Standard 20%
b)
Reduced 5%
c)
Zero 0%
d)
Optional 15%
5.
What is the time limit for issuing VAT invoices?
a)
30 days from the date of supply
b)
14 days from the date of supply
c)
3 days from the date of supply
d)
24 hours from the date of supply
6.
A VAT registered business can reclaim the VAT on a car in which of the following circumstances?
a)
He doesn't own another vehicle
b)
He is going to use the car as a taxi
c)
He is going to use the car instead of a van
d)
He wants to reclaim the VAT
7.
What could be a penalty for late registration for VAT?
a)
A prison sentence
b)
A late registration fine
c)
Refusal of registration
d)
A visit from an HMRC inspector
8.
What is the limit for registration into the flat rate scheme?
a)
£20,000
b)
£150,000
c)
£82,000
d)
£230,000
9.
How many quarterly returns are completed each year?
a)
One
b)
Six
c)
Four
d)
Eight
10.
How much VAT can a business recover on a bad debt of £543.60 (VAT inclusive)?
a)
£108.72
b)
None
c)
£543.60
d)
£90.60
100 %
