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?

1 .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

题型: 单选题 提问时间: 2021-08-24

查看答案

---

2 .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

题型: 单选题 提问时间: 2021-08-24

查看答案

---

3 .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?

A Quarter to 31 May ￡0; Quarter to 31 August ￡2,500 B Quarter to 31 May ￡375; Quarter to 31 August ￡2,125 C Quarter to 31 May ￡2,250; Quarter to 31 August ￡250 D Quarter to 31 May ￡2,500; Quarter to 31 August ￡0

题型: 单选题 提问时间: 2021-08-24

查看答案

---

4 .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

题型: 单选题 提问时间: 2021-08-24

查看答案

---

5 .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

题型: 单选题 提问时间: 2021-08-24

查看答案

---

7 .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

题型: 单选题 提问时间: 2021-08-24

查看答案

---

8 .Which of the following statements are correct in relation to the cash accounting scheme for VAT?(1) A VAT return is completed once a year(2) Relief for impairment losses on trade debts is given automatically(3) Output VAT is accounted for when cash is received from the customer(4) VAT is paid over to HM Revenue and Customs in quarterly instalments

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

题型: 单选题 提问时间: 2021-08-24

查看答案

---

9 .Which of the following statements are correct in relation to the flat rate scheme for small businesses?(1) The flat rate scheme may be used in conjunction with the annual accounting scheme(2) A trader can join if VAT exclusive turnover for the next 12 months is not expected to exceed ￡150,000(3) There is no recovery of input VAT(4) The flat rate is applied to the VAT exclusive turnover

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

题型: 单选题 提问时间: 2021-08-24

查看答案

---

10 .运输需求的内在实质表现为运输需求的（　）。

A 派生效用和波动性 B 空间效用和普遍性 C 时间效用和派生性 D 空间效用和经济性

题型: 单选题 提问时间: 2021-08-24

查看答案

---