Indirect tax Flashcards
What does box 1 represent?
VAT due in period on sales and other outputs
What does box 2 represent?
VAT on purchased goods from VAT registered businesses in other EC member states (B2B). (Goods only and not services subject to reverse charge).
Basic Tax Point definition
Date of physical supply of good or service
Actual Tax Point
Invoice or payment date (whichever is earliest
A business is set to exceed £85,000 in taxable supplies within the next 30 days, wha should it do?
Register immediately
If the future test fails, when does a trader need to notify HMRC?
Immediately
How long does a business have to prove an export to HMRC?
Three months
What is the de minimus relating to exempt supplies making input VAT reclaimable?
What is the maximum amount if time that a business has to issue an invoice after providing a service?
30 days
