Chapter 5 Flashcards
1
Q
Pro of delaying payment of VAT
A
Know how much to pay in advance
2
Q
Cons of delaying payment of VAT
A
Can end up paying more even if sales decrease
3
Q
Define outputs
A
Outputs are the total value of sales and all other outputs excluding VAT
4
Q
Define inputs
A
Inputs are the total value of purchases and all other inputs excluding VAT
5
Q
Within how many days can a supplier issue an invoice of the tax point
A
within 30 days
6
Q
How long must a business retain its records for VAT purposes?
A
6 years
7
Q
How many times can the business submit its VAT return late before it incurs a financial penalty?
A
4 times
