Mick is a value added tax (VAT) registered trader who prepares quarterly value added tax (VAT) returns to 31 March, 30 June, 30 September and 31 December each year. Mick’s accounts are prepared annually to 30 September. Mick made a supply of goods amounting to ￡6,000 on 22 September 2016 with a due date of payment of 10 October 2016. The customer has defaulted on the payment and Mick has written the debt off in his accounts. He does not use the cash accounting scheme.Which quarterly VAT return is the earliest in which relief for the impaired debt may be claimed?

1 .If Thai Curry Ltd does not take up the offer of the internal review, what body is initially likely to hear its appeal?Complex track Standard track

A First tier; First tier B Upper tier; Upper tier C First tier; Upper tier D Upper tier; First tier

题型: 单选题 提问时间: 2021-08-24

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2 .Jerome is a value added tax (VAT) registered trader who received an order for goods with a 10% deposit on 18 August 2016. The goods were despatched on 26 August 2016 and an invoice was sent on 2 September 2016. The balancing 90% of the payment was received on 10 September 2016.What are the tax points for the deposit and the balancing payment if Jerome does not use the cashaccounting scheme? Deposit Balancing payment

A 18 August 2016 10 September 2016 B 26 August 2016 26 August 2016 C 18 August 2016 2 September 2016 D 2 September 2016 10 September 2016

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3 .Alma runs a financial services business making exempt supplies. Barry runs a children’s clothing shop making zero rated supplies. Chris runs an adult clothing shop making standard rated supplies.Who is making taxable supplies and therefore can reclaim input VAT?

A Alma and Barry B Alma and Chris C Barry and Chris D Chris only

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4 .L Ltd is registered for value added tax (VAT). On 1 January 2017 L Ltd purchased a motor car costing ￡18,400 (inclusive of VAT) for the use of its managing director for business and private purposes. The private use is estimated to be 40%. The managing director is provided with free petrol for business and private mileage which cost L Ltd ￡625 (exclusive of VAT). L Ltd wishes to use the fuel scale charge: the?relevant quarterly VAT inclusive scale charge is ￡361.What is L Ltd’s VAT repayment in respect of the motor car and the fuel for the quarter ended 31 March?2017?

A ￡1,905 B ￡3,132 C ￡65 D ￡44

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5 .N Ltd prepared a value added tax (VAT) return for the quarter ended 31 May 2016 which showed net VAT payable of ￡2,500.By which dates should this return have been submitted to HM Revenue and Customs (HMRC) and the payment made to HMRC? Return submitted Payment

A 30 June 2016 30 June 2016 B 7 July 2016 7 July 2016 C 7 July 2016 30 June 2016 D 30 June 2016 7 July 2016

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7 .In the first year of trading to 31 December 2015 Scott’s taxable turnover was ￡5,000 per month.For the first seven months of 2016 his turnover was as follows: ￡ January 2016 8,400 February 2016 8,100 March 2016 8,300 April 2016 9,100 May 2016 9,700 June 2016 10,200 July 2016 10,300 You have advised Scott that he is compulsorily required to be registered for VAT.From what date will Scott be registered for VAT under compulsory registration?

A 30 July 2016 B 1 August 2016 C 30 June 2016 D 1 July 2016

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8 .Q Ltd is registered for value added tax (VAT) and uses the flat rate scheme. In its VAT quarter ended 30 June 2016 it had a tax inclusive turnover of ￡120,000. This comprises of standard rated sales of ￡85,000, zerorated sales of ￡25,000 and exempt sales of ￡10,000. The flat rate scheme percentage for the company’s trading sector is 9.5%.The VAT payable by Q Ltd for the quarter ended 30 June 2016 is:

A ￡11,470 B ￡10,450 C ￡8,075 D ￡11,400

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9 .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

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10 .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

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