F Reliefs (2) Flashcards
1
Q
When there are 4 penalty points?
A
A £200 penalty is charged
2
Q
When is there a daily penalty?
A
If a VAT penalty is over 30 days.
3
Q
The penalties for a VAT liability late by 35 days with VAT liability of £38000
A
£38000 * 4%
£38000 * 4% * 5/365
£38000 * 6.5% * 35/365
4
Q
Exports?
A
No VAT
5
Q
Imports?
A
Output and input VAT cancel each other out
Output VAT is what is charged
6
Q
Business services more than 6 months ago?
A
No VAT
7
Q
Goods (e.g. inventory) more than 4 years ago?
A
No VAT
