VAT Flashcards
1
Q
When does a company need to start paying VAT
A
If taxable supplies in the next 30 days is expected to be over £85,000
2
Q
What must trader do when taxable supplies in the next 30 days is expected to be over & £85,000
A
Trader must notify HMRC before the end of the 30 day period
3
Q
When will VAT registration be effective from?
A
From the beginning of the 30 day period
4
Q
How is a VAT return submitted?
A
Online via. MTN (Making Tax Digital)
By 7th of the month following the VAT period
Payment is due on the same day
Has an additional 3 days if paid via direct debit
