VAT Flashcards
1
Q
How do you determine the BTP/ ATP
A
Good - despatched
Service - performed
BTP
Has a invoice or payment been made on or before the BPT?
Yes —? ATP
No
Has a invoice or payment been raised/made within 14 days
yes … ATP
no BTP
2
Q
When is a service a single for VAT purposes
A
Splitting would be artificial
Minor part
Not offered a lower price without it
3
Q
What is test 1
What is test 2
A
Both exempt supplies/ total supplier < 50%
Total iput costs < 625 per month
Total Input costs - taxable input cost < 625 per month
4
Q
when cn you test partial exemption annually rather than every Q
A
Diminus last year
Input VAT exepected <1000000
5
Q
What rate of interest is charged on late SDT
A
3.25%
