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WorksheetsIndirect Tax 1
Total questions: 10
Worksheet time: 10mins
What is the VAT registration threshold for joining?
20%
£83,000
£85,000
Sales / 6
A VAT registered trader's taxable sales are:
All sales made excluding exports
All sales made including imports
All sales above £85,000
All sales apart from exempt sales
A £300 sale was made by a trader inclusive of 20% VAT. What was the net amount?
£360
£250
£240
£280
Are clubs and associations required to register?
Yes, as HMRC considers them a "taxable person"
No, as they are not commercial organisations
What is the VAT rate charged on standard supplies to VAT registered EU customers?
use the local rate of the EU country
reduced rate for EU of 5%
zero rate out of UK
standard rate of 20% as normal
Correctly calculate the VAT amount form the VAT inclusive amount of £265
£44.16
£44.17
£53.00
£220.84
Which one of the following does NOT determine the basic tax point?
Business sends goods to customer
Business provides an invoice after 30 days
Business makes the goods available
Customer collects the goods
The amount of tax charged by a business on taxable supplies is known as
Output tax
Input tax
Standard VAT tax
Consumer tax
Sales made to EU member states by UK VAT registered businesses are known as:
Dispatches
Imports
Acquisitions
Exports
A business receives a pro-forma invoice. Can the business use this to make a payment for the goods?
Yes
Yes, provided they are a non-VAT registered trader
Only after 14 days
No
