VAT Flashcards
1
Q
What is output tax?
A
VAT charged to a buyer by a VAT registered company
2
Q
What is input tax?
A
VAT reclaimed by the VAT registered buyer
3
Q
How often is VAT accounted for?
A
Quarterly
4
Q
What is the standard rate?
A
20%
5
Q
What is the reduced rate?
A
5%
6
Q
What is included in the reduced rate?
A
Domestic fuel and power, children’s car seat
7
Q
Examples of 0% VAT?
A
Children’s clothes, public transport, books, food
8
Q
Out of scope items?
A
Insurance, providing credit, education and training, fundraising events
9
Q
When MUST a company start charging VAT?
A
When turnover is in excess of £82000 per annum
