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TX Accumulated Knowledge > F Reliefs > Flashcards

F Reliefs Flashcards

1
Q

The total cost of fuel distinguishes?

A

No distinguishment between personal and private use

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2
Q

To have points rest to zero?

A

Submit four consecutive VAT returns on time

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3
Q

When a car is used for private purposes, even if it has employment usage (VAT claimance)?

A

NO VAT CAN BE CLAIMED

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4
Q

When is VAT charge payable for fuels costs for an employee where there is some private use of the vehicle?

A

If employee does not reimburse the employer

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5
Q

If historic test for VAT met on 31 October 2023?

A

Notified HMRC by 30 November 2023

Registration effective 1 December

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6
Q

Entertaining UK customers and VAT?

A

Is deducted from VAT

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7
Q

What is not included on a VAT invoice?

A

The customer’s VAT registration number

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8
Q

VAT invoice request and retailers?

A

Retailers need only issue a VAT invoice if customer requests one

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9
Q

Refunds of VAT time limit?

A

4 years

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10
Q

Advantage be if businessman sold her entire business as a going concern for VAT purposes?

A

Would not have to pay output VAT in respect of the sale

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11
Q

Amount of each payment on account which Alessandro will have to make towards his VAT liability for the year ended 31 March 2024? (annual accounting scheme)

A

Total VAT liability for previous yeasr * 10%

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12
Q

Advantage of annual accounting scheme?

A

Less administration

Smaller more regular payments

If turnover is increasing, current VAT instalments are based on the lower, previous year’s VAT liability

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13
Q

Advantage of cash accounting scheme?

A

It improves cash flow where customers are late payers.

It gives automatic relief for impairment losses.

It can be used along with the annual accounting scheme

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14
Q

Advantage of flat rate scheme?

A

It eliminates the need to keep detailed records of purchases and sales. The business need only maintain a VAT account in its general ledger

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15
Q

Disadvantages of VAT scheme?

A

It will not be beneficial for businesses with large amounts of input VAT to recover

It will not be beneficial for businesses with turnovers substantially comprised of zero-rated or exempt sales

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16
Q

When goods are exported from the UK by a registered UK taxable supplier?

A

This is zero rated supply

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17
Q

VAT on the export of services delivered outside of the UK? (is it charged)?

A

No

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18
Q

What can VAT registered exporters recover?

A

UK input VAT attributable to the exported goods and services

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19
Q

Where is output VAT charged in imports and exports?

A

Imported goods

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20
Q

What happens with the import VAT?

A

It is declared as output VAT, but can be reclaimed as input VAT return on the same VAT return

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21
Q

Only time when output VAT and input VAT are not equal in terms of import VAT?

A

If a business makes exempt supplies

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22
Q

Can input VAT be reclaimed on exempt supplies?

A

No

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23
Q

Exports to countries?

A

No VAT

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24
Q

Imports from countries?

A

Input and output VAT net each other off, unless exempt supplies

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25
Q

Is fuel scale charge input or output VAT?

A

Output VAT

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26
Q

How many VAT returns are charged for each tax period in group registration?

A

One VAT return

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27
Q

What are conditions to register in group registration?

A

One of the companies controls each of the others

Each of them has an established place of business in UK

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28
Q

What are consequences when registering in group registration?

A

Each VAT group must appoint a representative member which accounts for the group’s output VAT and input VAT

All members are liable

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29
Q

Advantages of group VAT (external transactions)

A

Group need only account for VAT on external group sales and acquisitions

30
Q

Zero rated company output and input VAT recovery in group registration?

A

Only input VAT

31
Q

Standard company output and input VAT recovery in group registration?

A

Output and input VAT

32
Q

How much VAT be can be claimed for legal fees more than 6 months prior to registration?

A

No VAT can be claimed

33
Q

How much VAT be can be claimed for legal fees at or less than 6 months prior to registration?

A

Input VAT can be claimed

34
Q

Staff and overseas customers VAT?

A

No input VAT

35
Q

Entertaining (except staff and overseas customers) VAT?

A

Input VAT

36
Q

Basic tax point for a supply of goods?

A

The time the goods are made available to the customer

37
Q

Calculated value added tax payable (VAT return)?

A

Output VAT - input VAT (zero rated supplies not included)

38
Q

Food for human consumption?

A

Zero-rated

39
Q

Sewerage services?

A

Zero-rated

40
Q

Books, newspapers, printed music and maps?

A

Zero-rated

41
Q

New residential land and buildings?

A

Zero-rated

42
Q

Transport of people by any vehicle for 10 or more passengers?

A

Zero-rated

43
Q

Travel services where travel destination is outside the UK?

A

Zero-rated

44
Q

Air navigation, port pilotage, salvage and towage services?

A

Zero-rated

45
Q

Repair and maintenance services of ships and aircraft?

A

Zero-rated

46
Q

Lifeboat and sea rescue services?

A

Zero-rated

47
Q

Drugs, medicines and aids for handicapped people?

A

Zero-rated

48
Q

Specified supplies of goods to or by charities?

A

Zero-rated

49
Q

Children’s clothing and footwear?

A

Zero-rated

50
Q

The export of goods (including related transport costs) to all customers located in countries outside the UK

A

Zero-rated

51
Q

Land and buildings

A

Exempt

52
Q

Financial services

A

Exempt

53
Q

Insurance

A

Exempt

54
Q

Educational services

A

Exempt

55
Q

Health and welfare services provided by government or other bodies on a non-profit-making basis

A

Exempt

56
Q

Supply of goods or services by charities for charitable fund raising events

A

Exempt

57
Q

Wages and dividends

A

Outside the scope

58
Q

Transfer of goods arising from a business being sold or otherwise transferred as a going concern

A

Outside the scope

59
Q

Certain gifts of goods and services

A

Outside the scope

60
Q

Exports of services to all customers located in countries not within the UK

A

Outside the scope

61
Q

Entertaining UK customers?

A

Can’t be recovered as input tax

62
Q

What impairment losses are deducted in a VAT return?

A

Incurred at least six months

63
Q

Calculate VAT under flat rate scheme?

A

Output VAT (inclusive) * flat rate percentage

64
Q

Supply of services within 6 months of registration?

A

Included in input VAT

65
Q

Supply of services more than 6 months of registration?

A

Not included in 6 months

66
Q

If error doesn’t exceed £10000 or 1% of turnover (up to a limit of £50000)?

A

It is immaterial

67
Q

Where refunds of VAT arise from error claims, where can the claim only relate to?

A

Overpayments of VAT made in the four years preceding the making of the claim for a refund

68
Q

Where a new car is leased and input VAT?

A

50% of the input VAT on the lease charge is irrecoverable

69
Q

Goods (i.e. inventory and non-current assets) acquired four years or less prior to registration

A

Included in input VAT

70
Q

Entertaining overseas customers?

A

Can be recovered by input tax

71
Q

What does cash generally mean?

A

Always date of payment determines what it’s dealt with

72
Q

What is meant by the basic tax point?

A

When the service is complete OR when goods are dispatched to the customer

TX Accumulated Knowledge (35 decks)

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