Vat paid by a customer on a purchase invoice is treated as which of the following in the supplier's Vat Return?

A sales invoice for taxable supplies that includes standard rate VAT is being processed by a VAT registered business. What will be the effect of this invoice on the VAT due to be paid by this business to HMRC?

Which of the following is a likely reason for a business to choose to voluntarily deregister for VAT?

Which of the following businesses can voluntarily register for VAT?

A business that registers for VAT receives which of the following as proof that it has registered?

HMRC recommends that businesses keep their financial records for at least _______ years.

A professional accountant who is responsible for completing the business's VAT return should ensure that he keeps himself fully up-to-date with current VAT regulations in order to comply with which of the following fundamental ethical principles?

A business can issue a simplified invoice if the amount charged for the supply including VAT is £____ or less.

Fiona is the proprietor of a VAT registered business. On 10 July she receives an order from a customer for standard VAT rated goods. She delivers the goods to the customer on 12 July and issues an invoice on 16 July. The customer pays the invoice on 24 July. What is the tax point for this invoice?

Anne runs a VAT registered business that sells a mix of zero-rated and standard-rated goods. Which of the following statements is true of Anne's business?

A VAT registered business supplies only zero-rated goods. The majority of the business's inputs are standard-rated for VAT. Which of the following will be true of the VAT Returns made by this business?

The VAT on the cost of client entertainment can be treated as an allowable input tax, whereas the VAT on staff entertainment can not.

A business can operate the cash accounting scheme in conjunction with the __________ accounting scheme but not with the ________ accounting scheme

VAT figure from the Purchases Day Book

For bad debt relief

Vat on Cash Sales

VAT figure from the Sales Day Book

VAT on items in the Petty Cash Book

VAT figure from the Sales Returns Day Book

VAT figure from the Purchases Returns Day Book

VAT payment to HMRC

VAT refund from HMRC

VAT is only charged by taxable persons

If input tax exceeds output tax, the balance is payable to HMRC

A business which has made £84,000 of taxable supplies in the last 12 months need not register if £8,000 of these supplies were of capital assets

A business which expects to make taxable supplies of £90,000 in the next month need not register if £60,000 of those supplies are zero-rated

A business which has made taxable supplies of £15,000 per month for the three months since commencing in business and which expects to make taxable supplies of £40,000 in the next month

A business with taxable turnover of £4,000 per month for the last 12 months but which expects to make taxable supplies of £85,000 in the next month

A business which has made sales of £100,000 in the last 12 months split equally between standard-rated and exempt supplies

Wilfred is a VAT-registered trader.

Wilfred receives a credit note from a supplier.

What effect does this have for VAT?

Wilfred is a VAT-registered trader.

Wilfred receives a pro-forma invoice from a supplier.

What effect does this have for VAT?

Wilfred is a VAT-registered trader.

Wilfred issues a sales credit note to a customer.

What effect does this have for VAT?

Input VAT cannot be recovered on any form of entertaining

Input VAT can be recovered on cars provided they have some business use

Traders making only exempt supplies cannot register for VAT

Traders making only zero-rated supplies cannot register for VAT

Partially-exempt traders cannot recover any input tax

A VAT invoice is needed to recover input tax