Charlie is a VAT registered trader making only standard-rated supplies. He received an order from a customer on 19 May 2015 enclosing a payment of ￡2,250 which represented a 15% deposit (including VAT).Charlie dispatched the goods on 19 May and issued an invoice for the full amount of ￡11,500 on 1 June. The balancing payment of ￡10,350 was received on 13 July.Charlie does not operate the cash accounting scheme.What amounts of output tax must be accounted for in the VAT returns for the quarters to 31 May and 31 August 2105?

1 .Which of the following statements concerning the appeals procedure is correct?(1) A taxpayer can appeal against a determination and apply for postponement of payment(2) The taxpayer must first apply for an internal review before making an appeal to the First-tier Tribunal(3) A taxpayer can appeal against and apply to postpone the tax due under an assessment raised as a result of an enquiry into a tax return

A 1 only B 2 only C 3 only D None of these statements

题型: 单选题 提问时间: 2021-08-24

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2 .Which of the following statements concerning VAT registration of Sug, a trader, are correct?(1) He can register voluntarily if he makes only exempt supplies(2) He can register voluntarily if he makes only zero-rated supplies(3) If he makes both zero-rated and standard-rated supplies he must register only if taxable supplies exceed the VAT registration limit(4) If he makes exempt supplies he must register if these supplies exceed the VAT registration limit

A 1 and 3 B 1 and 4 C 2 and 3 D 2 and 4

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3 .Emerald commenced business as a sole trader on 1 March 2014 making only taxable supplies. Her turnover in the first 15 months of trade was as follows:1 March 2014 to 30 September 2014: ￡7,150 per monthOctober and November 2014: ￡10,500 per monthFrom December 2014 onwards: ￡11,000 per monthBy what date should Emerald have notified HM Revenue and Customs that she was required to become VAT registered in order to avoid a penalty for late registration?

A 1 March 2014 B 30 November 2014 C 31 December 2014 D 31 January 2015

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4 .Barbara is registered for VAT and is preparing her VAT return for the three-month period ended 31 March 2015 Barbara incurred input tax related to the zero-rated supplies of ￡1,338 and input tax related to the standard-rated supplies of ￡600.What amount of input VAT should Barbar account for on her VAT return for the three months ended 31 March 2015?

A ￡600 B ￡738 C ￡1,338 D ￡1,938

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5 .Smoky Ltd is a VAT registered company that only makes standard-rated supplies. The company incurred the following VAT-inclusive costs:(1) ￡13,600 for the purchase equipment. The VAT invoice was inadvertently destroyed and cannot be replaced.(2) Purchase of a new car for the marketing manager for ￡18,500. The car is used 70% for business purposes.To what extent can Smoky Ltd recover the input tax on each of these costs?

A Equipment Irrecoverable; New car Irrecoverable B Equipment Irrecoverable; New car Partially recoverable C Equipment Fully recoverable; New car Irrecoverable D Equipment Fully recoverable; New car Partially recoverable

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7 .Beryl is registered for VAT and is preparing her VAT return for the three-month period ended 31 March 2015. During this period she made zero-rated supplies of ￡14,450 and standardrated supplies of ￡19,650. These figures exclude VAT.What amount of output VAT should Beryl account for on her VAT return for the three months ended 31 March 2015?

A ￡3,275 B ￡3,330 C ￡3,930 D ￡6,820

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8 .Dan is a VAT registered sole trader. Dan sold goods to Gus for ￡126 without charging any VAT as Gus had assured him that the goods were exempt from VAT. Dan subsequently found out that the goods were subject to the standard rate of VAT.How much VAT is payable on this sale and by whom?

A ￡21.00 by Dan B ￡25.20 by Dan C ￡25.20 by Gus D ￡21.00 by Gus

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9 .Johnnie, a sole trader, completed a VAT return for the quarter to 31 December 2013 showing output tax of ￡215,000 and input tax of ￡126,000.In July 2014 Johnnie’s accountant discovered that the input tax on the VAT return had been overstated by ￡7,500. This was the first time that Johnnie had made an error on a VAT return. HM Revenue and Customs (HMRC) was notified and the outstanding tax paid.What is the minimum amount of penalty that HMRC could charge Johnnie for the error?

A 0% of tax lost B 15% of tax lost C 20% of tax lost D 30% of tax lost

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10 .Gosia, is registered for VAT and operates the cash accounting scheme. She delivers some goods to a customer on 23 May in respect of an order received on 15 May. Gosia issued the invoice on 27 May and received payment from the customer on 14 June.What is the tax point of the supply?

A 15 May B 23 May C 27 May D 14 June

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