What is the amount of input tax recoverable by Starfish Ltd for the quarter ended 31 March 2017?
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1 .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
2 .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...
3 .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
4 .What is the amount of output tax on credit sales payable by Starfish Ltd for the quarter ended 31 March 2017?
A ￡384 B ￡480 C ￡390 D ￡325
5 .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
7 .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
8 .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...
9 .On what date was Aston liable to be registered for VAT and from what date should Aston’s business be registered for VAT?Liable for registration Date of registration
A 28 February 2017 28 February 2017 B 31 January 2017 1 March 2017 C 31 January 2017 28 February 2017 D 28 February 2017 1 March 2017
10 .When must Aston submit his VAT returns and pay the associated VAT?Submission Payment
A One month after the end of the VAT period;One month after the end of the VAT period B One month after the end of the VAT period;One month and seven days after the end of the VAT period C One month and seven days after the end of the VAT period;One month and seven days after the end of the VAT per...
