What is the amount of output tax on credit sales payable by Starfish Ltd for the quarter ended 31 March 2017?
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1 .Which TWO of the following statements about the tax point are correct?(1) The basic tax point for services is the date that services commence.(2) If the VAT invoice is issued within 14 days after the basic tax point and payment has not been received before the basic tax point, the invoice date becomes the tax point.(3) The tax point determines the VAT period in which output tax must be accounted for and credit for input tax will be allowed.(4) If VAT invoice is issued and payment is received before the basic tax point, the actual tax point is the later of those two dates.
A 1 and 2 B 2 and 3 C 1 and 4 D 2 and 4
2 .What is the total amount of VAT paid by the partnership to HM Revenue & Customs for the year ended 5 April 2017?
A ￡25,600 B ￡25,420 C ￡25,280 D ￡25,460
3 .Which TWO of the following statements about the flat rate scheme are correct?(1) Businesses using the scheme must still issue VAT invoices to their VAT registered customers.(2) Under the scheme, businesses calculate VAT by applying a fixed percentage to their standard rate income only.(3) Businesses using the scheme cannot reclaim any input tax suffered.(4) A 1% reduction off the flat rate percentage can always be made by businesses in the first year that they use the flat rate scheme.
A 1 and 2 B 2 and 4 C 2 and 3 D 1 and 3
4 .What are the conditions that the partnership must satisfy in order to join and continue to use the VAT flat rate scheme?
A Join:Expected taxable turnover (excluding VAT) for the next 12 months does not exceed ￡230,000. Continue to use:Until its total turnover (including VAT) for the previous year exceeds ￡1,350,000 B Join:Expected taxable turnover (excluding VAT) for the next 12 months does not exceed ￡150,0...
5 .What is the amount of VAT that would have been paid to HM Revenue & Customs if the partnership had used the flat rate scheme to calculate the amount of VAT payable for the year ended 5 April 2017?
A ￡23,291 B ￡19,707 C ￡22,971 D ￡28,152
7 .222 What is the amount of output tax, other than on credit sales, payable by Starfish Ltd for the quarter ended 31 March 2017?
A ￡16,420 B ￡11,620 C ￡11,220 D ￡10,000
8 .What is the amount of input tax recoverable by Starfish Ltd for the quarter ended 31 March 2017?
A ￡12,744 B ￡11,324 C ￡10,940 D ￡11,276
9 .From which date would default interest be payable if Starfish Ltd is late in paying the VAT for the quarter ended 31 March 2017?
A 30 April 2017 B 7 May 2017 C 14 May 2017 D 31 March 2017
10 .Which of the following would be the consequences for VAT if Starfish Ltd had instead sold its entire business as a going concern to a single VAT registered purchaser?
A Output VAT would have been due on the sale of the inventory or the sale of the non-current assetsbut would be payable by the purchaser. B No output VAT would have been due on the sale of the inventory but would have been due on the saleof the non-current assets. C No output VAT would have been due...
