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vat registration

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › vat registration

  • This topic has 4 replies, 3 voices, and was last updated 9 years ago by Tax Tutor.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • February 25, 2016 at 6:42 pm #302060
    jingdong
    Participant
    • Topics: 89
    • Replies: 115
    • ☆☆☆

    Dear tutor, would you please help me on this question.
    In the first year of trading to 31 December 2013 Scott’s taxable turnover was £ 5000 a month. For the first seven months of 2014 his turnover was as follows:
    January 2014……………………….7400
    February 2014………………………8100
    March 2014………………………….8300
    April 2014……………………………9100
    May 2014…………………………….9700
    June 2014……………………………9200
    July 2014…………………………….9300
    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 2014; B) 1 August 2014; C) 30 June 2014; D) 1 July 2014
    the answer is B.
    many thanks

    February 26, 2016 at 2:15 pm #302174
    boma77
    Member
    • Topics: 70
    • Replies: 97
    • ☆☆

    I am not the tutor, but maybe I can help you,

    Scott became liable to VAT registartion (compulsory) in June 2014. This is the month when taxable supplies in the 12 months period exceeded the limit: £81.000. He has to register from the end of the month, following the month in which this limit is exceeded. Therefore he will be registered from 1 August 2014.

    February 26, 2016 at 2:57 pm #302183
    jingdong
    Participant
    • Topics: 89
    • Replies: 115
    • ☆☆☆

    thank you for your response, but my confusion is that first year of trading to 31 December 2013 totally is 12 x 5000=60,000, and plus January 2014 7400, February 2014 8100 and March 2014 8300, so my answer is 1 May 2014, would you please help me further?
    many thanks

    February 26, 2016 at 4:53 pm #302221
    boma77
    Member
    • Topics: 70
    • Replies: 97
    • ☆☆

    You have included 15 months in your calculation instead the 12 months period. The limit is exceeded in June 2014, when the taxable supplies for the 12 months period were 81.100.

    March 1, 2016 at 3:39 pm #302844
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Have you worked the OT Course Notes AND watched the lectures as I think many of the questions you are asking would have been answered within the lectures!

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