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WorksheetsIndirect Tax FA20:1
Total questions: 12
Worksheet time: 7mins
VAT stands for...
Value Added Tax
Value Added Taxes
Value Additional Tax
Indirect Tax
VAT is a/an... (tick two)
tax on consumer expenditure
indirect tax
direct tax
income tax
The VAT process starts with...
Registration
Collection
Input VAT
Output VAT
VAT is charged by....
the HMRC
a taxable person
business
individuals
Registration for VAT is compulsory if...
taxable supplies exceeds £81,000 in the past 12 months
taxable supplies exceeds £83,000 in the past 12 months
taxable supplies exceeds £85,000 in the past 12 months
taxable supplies exceeds £87,000 in the past 12 months
The threshold for compulsory registration for VAT is ...
£85,000
£85,500
£83,000
£83,500
Registration for VAT is compulsory if...
taxable supplies exceeds £81,000 in the next 30 days
taxable supplies exceeds £83,000 in the next 30 days
taxable supplies exceeds £85,000 in the next 30 days
taxable supplies exceeds £87,000 in the next 30 days
Output tax is....
VAT charge on taxable supplies
VAT paid on taxable supplies
VAT charge on taxable supplies
VAT on purchases of goods and service
Input VAT is...
VAT on sale of goods and services
VAT on purchases of goods and services
VAT charge on sales income
VAT exempt supplies
There are two types of registrations. What are they?
Voluntary
Compulsory
Ethical
Future test
There types of VAT rates are...
20%, 5%, 0%
20%, 25%, 10%
10%, 5%, 0%
20%, 3%, 0%
Exempt supplies attract a VAT rate of 0%. True or False?
True
False
