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SPECIAL VAT SCHEMES

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › SPECIAL VAT SCHEMES

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • December 1, 2016 at 6:39 am #352753
    az247
    Member
    • Topics: 3
    • Replies: 0
    • ☆

    Dear Sir,
    For the cash and annual accounting schemes- are you supposed to leave the scheme when taxable turnover for the previous year exceeds 1.6Mn, or when taxable turnover for the next year exceeds that threshold?
    Also, in all 3 scheme’s does taxable turnover / total turnover (flat rate) include the sale of capital assets?

    December 4, 2016 at 11:50 am #353684
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You will only have to quote the £1.6M limit and not calculate nor apply that limit – NOW focus on the issues that are relevant to the core topic areas and will determine whether you pass this exam

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