Free ACCA Taxation (TX) Flashcards

Question

For VAT purposes what types of supply may be made by a trader

Question

What is the difference between making zero rated supplies and exempt supplies

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Based on past turnover in what circumstances must a trader compulsorily register for VAT

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Based on past turnover by what date must a company notify HMRC of its requirement to register for VAT and from when will it be registered

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Based on future turnover in what circumstances must a trader compulsorily register for VAT

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Based on future turnover by what date must a company notify HMRC of its requirement to register for VAT and from when will it be registered

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Why might a trader voluntarily register for VAT

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In what circumstances can input VAT incurred prior to VAT registration be recovered by a trader

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In what circumstances must a trader deregister

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In what circumstances would a disposal of the assets and trade of a business be outside the scope of VAT

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In relation to the supply of goods or services, what is the significance of the tax point

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What date will determine the tax point

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Is output tax charged on the sales figure before or after deducting a prompt payment discount

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Is relief available for the output tax on a sale when the amount of the debt cannot be collected

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For what periods of time may a VAT return be submitted

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In what circumstances may a trader apply the cash accounting scheme

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In what circumstances may a trader apply the annual accounting scheme

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What is the VAT treatment of sales of goods made to customers resident overseas