11 Value Added Tax

Question 1

what are the two types of VAT

Answer 1

Question 2

define taxable supply/taxable person

Answer 2

Question 3

3 classification of supplies with definitions

Answer 3

Question 4

3 types of tax on taxable supplies

Answer 4

Question 5

Explain compulsory registration limits

Answer 5

Question 6

what are the two situations where compulsory registration is required (historic test)

Answer 6

Question 7

what are the two situations where compulsory registration is required (future prospect test)

Answer 7

Question 8

explain voluntary registration

Answer 8

Question 9

explain exemption from registration

Answer 9

Question 10

explain deregistration

Answer 10

Question 11

calc for charge to VAT

Answer 11

Question 12

explain time of supply (tax point)

Answer 12

Question 13

draw the flowchart for calcing the tax point

Answer 13

see page 105 notes

Question 14

explain the value of supply

Answer 14

Question 15

explain discounted supplies

Answer 15

Question 16

explain bad debts and the criteria which all must be met

Answer 16

Question 17

explain recoverable VAT in the context of input VAT

Answer 17

Question 18

explain irrecoverable VAT in the context of input VAT

Answer 18

Question 19

explain pre-registration VAT in the context of input VAT

Answer 19