WorksheetsVAT
Total questions: 15
Worksheet time: 8mins
Which item will not be regarded as a Zero rated item.
Bread
Fruit and Vegitables
Milk and milk products
Meat
Who will be liable for the full amount of VAT?
Consumer
Business
Government
Producer
Which item from the list will be exempt of VAT?
Bread
School fees
Sanitary towls
Electricity
VAT stands for
Very Autocratic Triangle
Virtual Appliance technology
Very Artistic Teacher
Value Added Tax
VAT is a tax on
Income
Company profit
Death
Spending
You must register your business for VAT with HM Revenue and Customs (HMRC) if its VAT taxable turnover is more than
£100,000
£85,000
£8,500
£75,000
When completing a VAT return the following supplies are included:
Exempt supplies
Standard rate supplies
Out-with the scope supplies
Zero-rated supplies
A trader who sells zero rated goods is still able to reclaim input tax suffered when calculating his liability?
True
False
An exempt trader is able to recover the tax suffered on his inputs?
True
False
Insurance is an example of a:
Standard rated item
Zero rated item
Outwith the scope item
Exempt item
Transport is an example of a:
Exempt item
Reduced vat item
Standard rated item
Zero rated item
Box 1 on the VAT return records:
VAT due
in this period on acquisitions from other EC Member States
VAT reclaimed in this period on purchases and
other inputs (including acquisitions from the EC)
VAT due
in this period on sales and other outputs
Total VAT due
Box 4 on the VAT return records:
VAT due
in this period on sales and other outputs
Total value of purchases and all other inputs
excluding any VAT.
VAT reclaimed in this period on purchases and
other inputs (including acquisitions from the EC)
Total value of all supplies of goods and related
services, excluding any VAT, to other EC Member States
If Box 3 on the VAT return is greater than Box 4 does the business have a VAT liability or are they due a refund?
VAT Liability
VAT refund due
You usually submit a VAT Return to HM Revenue and Customs (HMRC) every 'accounting period'. This period of time is every:
1 month
1 year
3 months
3 weeks
