Osborne Books Tutor Zone. Indirect Tax. Finance Act Chapter activities
|
|
- Wesley Riley
- 5 years ago
- Views:
Transcription
1 Osborne Books Tutor Zone Indirect Tax Finance Act 2014 Chapter activities Osborne Books Limited, 2014
2 2 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e 1 Introduction to Value Added Tax 1.1 Complete the following sentence by selecting the correct words from the options given. On a business s VAT Return VAT paid to a supplier on a purchase invoice is known as input / output tax and VAT paid by a customer on a sales invoice is treated as input / output tax. 1.2 A credit note is issued by a business to one of its customers for taxable supplies that included standard rate VAT. What will be the effect of this credit note on the VAT due to be paid by this business to HM Revenue & Customs? (a) (b) (c) It will increase the amount of VAT due to be paid It will decrease the amount of VAT due to be paid It will have no effect on the VAT payable by the business Which option is correct? 1.3 A VAT-registered business receives a credit note from one of its suppliers. The credit note is for 470 plus VAT at 20%; it relates to an original invoice of 4,700 plus VAT at 20%. What will be the effect on the VAT due to be paid by this business to HM Revenue & Customs? (a) It will increase the VAT payable by 94 (b) It will decrease the VAT payable by 94 (c) It will increase the VAT payable by 846 (d) It will decrease the VAT payable by 846 Which option is correct?
3 c h a p t e r a c t i v i t i e s A wholesaler buys goods from a manufacturer for 2,500 plus VAT of 500. It then sells them to a retailer for 4,850 plus VAT of 970. The retailer sells them to his customers for 7,000 plus VAT of 1,400. How is the total VAT of 1,400 paid to HM Revenue & Customs? Indicate which party will pay all or part of the amount due. VAT Amount Manufacturer Wholesaler Retailer , For each of the following items decide what rate of VAT will be charged. Standard rate Reduced rate Zero rate Exempt Gambling Newspapers Chocolate Telephone calls Dental care Train fares Funeral services Domestic electricity
4 4 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e 1.6 Which of the following is a likely reason for a business with annual turnover that is under the VAT-registration limit to choose to voluntarily register for VAT? (a) (b) (c) It supplies standard-rated products and the majority of its purchases are zero-rated It supplies zero-rated products and the majority of its purchases are standard-rated The owner of the business is winding the business down prior to retiring (d) The business only supplies products that are exempt from VAT Which option is correct?
5 c h a p t e r a c t i v i t i e s 5 2 VAT and business documents 2.1 Decide whether the following statement is true or false. A business that has been issued with a pro-forma invoice can use this to claim back the VAT. TRUE / FALSE 2.2 Claude runs a stationery supply shop. He buys 300 printer cartridges from the wholesaler for 5.40 each including VAT. How much VAT will be included on the invoice from the wholesaler? (a) 0.90 (b) 1.08 (c) 270 (d) Maxwell is an electrician preparing an invoice for a customer for standard-rated goods and services (standard rate is 20%). The customer is entitled to an 8% trade discount and a settlement discount of an additional 2% if the invoice is paid within 14 days. The list price of the goods is 970. What is the total VAT to be shown on the invoice? (a) 194 (b) (c) (d)
6 6 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e 2.4 The business that you work for receives an invoice for , which includes VAT at 20%. What is the net amount of the invoice, and the VAT included? (a) Net invoice amount is and the VAT included is (b) Net invoice amount is and the VAT included is (c) Net invoice amount is and the VAT included is (d) Net invoice amount is and the VAT included is Carol is the proprietor of a VAT-registered business. On 23 August she receives an order from a customer for standard VAT rated goods. She delivers the goods to the customer on 26 August and issues an invoice on 28 August. The customer paid the invoice on 6 October. What is the tax point for this invoice? (a) (b) (c) (d) 23 August 26 August 28 August 6 October 2.6 A UK supplier sells goods or services to a customer within the European Union (EU) that is registered for VAT. In this situation decide which of the following statements is correct. (a) (b) (c) (d) The UK supplier must charge VAT at standard rate The UK supplier must charge VAT at reduced rate The UK supplier can usually zero-rate the VAT charge The supply to this EU customer is exempt from VAT
7 c h a p t e r a c t i v i t i e s 7 3 Inputs and outputs and special schemes 3.1 Tony runs a business that is partially exempt from VAT. This means that Tony s business supplies which of the following? (a) (b) (c) (d) Some goods that are reduced-rated and some that are standard-rated Some goods that are exempt and some that are standard-rated Some goods that are reduced-rated and some that are zero-rated Only goods that are exempt 3.2 A business has made supplies worth 276,000 in a VAT quarter. Out of this 55,200 were VATable supplies and the remainder was VAT exempt. What proportion of the residual input VAT can be claimed back on the business s VAT Return? (a) 0% (b) 20% (c) 80% (d) 100%
8 8 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e 3.3 Adam Arthurson runs a VAT-registered business that only supplies standard-rated services. Adam s wife Jeanette is preparing the quarterly VAT Return. She has a query over three invoices which all include standard rate VAT at 20%: 260 for carpet for the office; 195 for client entertaining and 9,000 for a second hand delivery van. What is the total VAT that Adam Arthurson s business can claim for these invoices on its VAT Return? (a) (b) 1, (c) 1, (d) 1, The following situation applies to a business operating one of the special accounting schemes available in the UK: Annual taxable turnover of 1,100,000 Quarterly VAT Returns are submitted Reclaiming VAT on bad debts is not an issue for this business Which of the following schemes is being used? (a) (b) (c) Flat rate accounting scheme Cash accounting scheme Annual accounting scheme
9 c h a p t e r a c t i v i t i e s Ophelia is registered for the Flat Rate VAT scheme and the flat rate for her business is 6.5%. In the last quarter Ophelia made the following sales and purchases. Standard-rated sales (including VAT at 20%) 35,244 Zero-rated sales 1,241 Purchases (including VAT at 20%) 17,040 What is the VAT payable by Ophelia s business for the quarter? (a) 2, (b) 2, (c) 1, (d) 1, HMRC operates three special schemes for VAT. For each of the following points decide which scheme(s) to which it relates. Tick all that apply. VAT is accounted for when payment is received or made Annual taxable turnover must be 150,000 or less May be operated with the annual accounting scheme VAT Return submitted once every 12 months No requirement to record the VAT charged on every sale Annual Cash Flat rate accounting accounting scheme scheme scheme Provides automatic bad debt relief VAT payment can be made in nine equal monthly instalments VAT is due for payment two months after the end of the VAT period
10 1 0 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e 4 The VAT Return 4.1 Kelsey has completed her VAT Return for the quarter ended 30 April. The figure in Box 3 is 19,247 and the figure in Box 4 is 10,866. This will result in which of the following? (a) Kelsey will reclaim 10,866 from HMRC (b) Kelsey will have to pay HMRC 19,427 (c) Kelsey will reclaim 8,381 from HMRC (d) Kelsey will have to pay HMRC 8,381 Which option is correct? 4.2 Seesaw Ltd has now discovered a genuine error in its VAT records from an earlier VAT quarter. An invoice it received dated 12 February 20X4 was issued by a supplier showing input tax of however, the figure was recorded by Seesaw Ltd as The VAT due for the quarter ended 31 August 20X4 has been calculated as 17, What will be the final figure for VAT due on Seesaw Ltd s VAT Return for the quarter ended 31 August 20X4? 4.3 Articus Ltd has discovered that one of its customers that owes it 9, including standard rate VAT has now gone into liquidation and consequently it will not receive any of the money owed. The invoice is over 6 months old and Articus Ltd has no choice but to write off the debt. How much bad debt relief can Articus Ltd claim for this on its next VAT Return? (a) 9, (b) 1, (c) 1, (d) None
11 c h a p t e r a c t i v i t i e s This question is about completing an online VAT Return for a business for the quarter ended 31 March 20X3. The following accounts have been extracted from its ledgers: Sales account Date Reference Debit Date Reference Credit 20X3 20X3 31/03 Balance c/d 356, /01 Sales day-book 31/03 UK sales 329, /01 Sales day-book 31/03 exports 26, Total 356, Total 356, Purchases account Date Reference Debit Date Reference Credit 20X3 20X3 01/01 Purchases day-book 31/03 Balance c/d 130, /03 UK purchases 107, /01 Purchases day-book -31/03 EU acquisition 23, Total 130, Total 130, VAT account Date Reference Debit Date Reference Credit 20X3 20X3 01/01 Purchases day-book 01/01 Sales day-book -31/03 UK purchases 21, /03 UK sales 65, You are told that the VAT on EU acquisitions is 4, Complete boxes 1 to 9 of the online VAT Return for the quarter ended 31 March 20X3.
12 1 2 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e Online VAT Return for period ended 31 March 20X3 VAT due in this period on sales and other outputs Box 1 VAT due in this period on acquisitions from other EC Member Box 2 States Total VAT due (the sum of boxes 1 and 2) Box 3 VAT reclaimed in the period on purchases and other inputs, including acquisitions from the EC Net VAT to be paid to HMRC or reclaimed by you. (Difference between boxes 3 and 4.) (If Box 4 is greater than Box 3, use a minus sign.) Total value of sales and all other outputs excluding any VAT. Include your box 8 figure. WHOLE POUNDS ONLY Total value of purchases and all other inputs excluding any VAT. Include your box 9 figure. WHOLE POUNDS ONLY Box 4 Box 5 Box 6 Box 7 Total value of all supplies of goods and related costs, excluding any VAT, to other EC Member States. WHOLE POUNDS ONLY Box 8 Total value of all acquisitions of goods and related costs, excluding Box 9 any VAT, from other EC Member States. WHOLE POUNDS ONLY
13 c h a p t e r a c t i v i t i e s This question is about preparing figures for a business s online VAT Return for the quarter ended 28 February 20X2. The standard rate of VAT is 20%. The following accounts have been extracted from the ledgers: Sales account Date Reference Debit Date Reference Credit 20X2 20X2 28/02 Balance c/d 433, /12 Sales day-book 28/02 UK sales 268, /12 Sales day-book 28/02 exports 60, /12 Cash-book 28/02 UK sales 104, Total 433, Total 433, Purchases account Date Reference Debit Date Reference Credit 20X2 20X2 01/12 Purchases day-book 28/02 Balance c/d 181, /02 UK purchases 157, /12 Purchases day-book -28/02 zero-rated imports 23, Total 181, Total 181, VAT account Date Reference Debit Date Reference Credit 20X2 20X2 01/12 Purchases day-book 01/12 Sales day-book -28/02 UK purchases 31, /02 UK sales 53, /12 Cash-book 28/02 UK sales 20, You are told that bad debt relief on a sales invoice for 1, including VAT is to be claimed in this quarter.
14 1 4 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e (a) Calculate the figure to be claimed as bad debt relief on the VAT Return. (b) Calculate the figure for Box 1 of the VAT Return VAT due on sales and other outputs. (c) Calculate the figure for Box 4 of the VAT Return VAT reclaimed on purchases and other inputs, including acquisitions from the EC.
15 c h a p t e r a c t i v i t i e s This question is about completing the online VAT Return for a business for the quarter ended 30 November 20X0. The following accounts have been extracted from its ledgers: Sales account Date Reference Debit Date Reference Credit 20X0 20X0 30/11 Balance c/d 188, /09 Sales day-book 30/11 UK sales 162, /09 Sales day-book 30/11 EU sales 25, Total 188, Total 188, Purchases account Date Reference Debit Date Reference Credit 20X0 20X0 01/09 Purchases day-book 30/11 Balance c/d 91, /11 UK purchases 91, /09 Petty cash book -30/11 cash purchases Total 91, Total 91, VAT account Date Reference Debit Date Reference Credit 20X0 20X0 01/09 Purchases day-book 01/09 Sales day-book -30/11 UK purchases 18, /11 UK sales 32, /09 Petty cash book -30/11 cash purchases You have also been told that bad debt relief of can be claimed in this VAT Return. You are told that in the last VAT Return the amount of input tax included has been overstated by You have been asked to adjust for this error. Complete boxes 1 to 9 of the VAT Return for the quarter ended 30 November 20X0.
16 1 6 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e Online VAT Return for period ended 30 November 20X0 VAT due in this period on sales and other outputs Box 1 VAT due in this period on acquisitions from other EC Member States Box 2 Total VAT due (the sum of boxes 1 and 2) Box 3 VAT reclaimed in the period on purchases and other inputs, including acquisitions from the EC Net VAT to be paid to HMRC or reclaimed by you. (Difference between boxes 3 and 4.) (If Box 4 is greater than Box 3, use a minus sign.) Total value of sales and all other outputs excluding any VAT. Include your box 8 figure. WHOLE POUNDS ONLY Total value of purchases and all other inputs excluding any VAT. Include your box 9 figure. WHOLE POUNDS ONLY Box 4 Box 5 Box 6 Box 7 Total value of all supplies of goods and related costs, excluding any VAT, to other EC Member States. WHOLE POUNDS ONLY Box 8 Total value of all acquisitions of goods and related costs, excluding Box 9 any VAT, from other EC Member States. WHOLE POUNDS ONLY
17 c h a p t e r a c t i v i t i e s VAT communications 5.1 The legal framework created by the European Union for the drafting of laws within the European states is known as which of the following? (a) (b) (c) (d) The Budget EU Directives The Finance Act VAT Notices 5.2 You are the accounts assistant at Evanborough Ltd and have just completed the VAT Return for the quarter ended 31 October 20X0. You now need to inform the manager of your department of the dates for filing the Return online and the amount to be paid. The figure in Box 3 of the Return is 13, and the amount in Box 4 is 7, Today is 6 November 20X0. Complete the following by filling in the gaps. To From Date Subject Completed VAT Return Please be advised that I have just completed the VAT Return for the quarter ended The VAT Return must be filed by The amount of VAT payable/receivable (delete as appropriate) will be Kind regards Accounts assistant
18 1 8 i n d i r e c t t a x ( F i n a n c e A c t ) t u t o r z o n e 5.3 You are an accounting technician who works for a group of car dealerships and you report to the financial manager. He has asked whether the proposed increase in VAT rates will have any effect on the business. He is also interested in whether the business needs to take any action in these circumstances. Today s date is 7 May. Prepare a draft to the finance manager providing information about some of the potential effects and consequences of a change. Choose ONE option to complete each sentence. To: (Accounting technician/financial manager) From: (Accounting technician/financial manager) Date: 7 May The government has proposed an increase in the VAT rate. As a consequence the business must consider whether it will increase the overall price it charges to customers for the cars it sells, which are inclusive of VAT. You should note that these prices cannot change until the date of the next VAT Return / must change on the date of the VAT change / can remain unchanged if the business chooses. The new rate of VAT must be reflected in the amount of VAT we pay to HMRC only if we change the prices to customers / whether we change our prices to customers or not / only if customers are VAT-registered. The date of the proposed change in VAT rate falls during one of our VAT periods, our system must apply the existing rate of VAT during the whole VAT period / the new rate of VAT during the whole VAT period / both the old and the new rates of VAT during that VAT period depending on the date of purchase. Kind regards A Technician
THE TRAINING PLACE OF EXCELLENCE Indirect Tax Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Indirect Tax Practice Assessment: Questions Task 1 (a) Are the following statements true or false? You are to tick the box which applies. A B C D All businesses must register
More informationValue Added Tax (VAT) Explained
Value Added Tax (VAT) Explained What is it? It is Tax that is levied on goods and services provided by VAT registered businesses in the United Kingdom, to other VAT registered business and/or general public
More informationIt makes sense to be aware of some of the more common pitfalls, and to know where to get help and advice.
Guide from Clear House Accountants Tel: [+44(0)2071172639] Email: [info@chacc.co.uk] [https://chacc.co.uk] [Business Advisors and Accountants in London] Common VAT problems Once you understand the basics,
More informationAccounting Qualification. Indirect Tax (Level 3) Reference material
Accounting Qualification Indirect Tax (Level 3) Reference material The Association of Accounting Technicians December 2010 Reference material for AAT assessment of Indirect Tax Introduction This document
More information2016/17 GUIDE TO... Value Added Tax. Chartered Accountants Registered Auditors FOR ELECTRONIC USE ONLY
2016/17 GUIDE TO... Value Added Tax Chartered Accountants Registered Auditors 020 8731 0777 www.cohenarnold.com FOR ELECTRONIC USE ONLY YOUR GUIDE TO Value Added Tax Value Added Tax (VAT) is a tax chargeable
More informationIndirect Tax (FA2016)
Indirect Tax (FA2016) Question and answer book November 2017 AAT is a registered charity. No. 1050724 Questions Question 1 A business started trading on 1 April and its first year end is 31 March 2016.
More informationAccounting Qualification
Accounting Qualification Indirect Tax (IDRX) Reference material Finance Act 2016 for assessment 1 January 31 December 2018 The Association of Accounting Technicians Copyright 2016 AAT All rights reserved.
More informationExample A registered business has charged VAT of 3,500 on sales for the last quarter. The same business has paid VAT of 1,800.
Indirect tax Introduction VAT is an indirect tax, which means that the consumer pays a tax levied on a good or service, which the supplier then collects and pays this to HMRC. Income tax is a direct tax
More informationFinal accounts for sole traders and partnerships
Osborne Books Tutor Zone Final accounts for sole traders and partnerships Practice assessment 2 Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s
More informationFinal accounts for sole traders and partnerships
Osborne Books Tutor Zone Final accounts for sole traders and partnerships Chapter activities Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s h
More informationFinal Accounts Preparation
Osborne Books Tutor Zone Final Accounts Preparation Chapter activities Osborne Books Limited, 2016 2 f i n a l a c c o u n t s p r e p a r a t i o n t u t o r z o n e 1 Business organisations 1.1 Link
More informationMay 2017 Examination
May 2017 Examination PAPER 6 VAT TIME ALLOWED 3 ¼ HOURS (for Part I and Part II) You are required to answer all questions in each part (both parts printed together). The first 15 minutes is designated
More informationVAT: Obligations and Opportunities. WK Accountants Forum Amersham 22 September 2015
VAT: Obligations and Opportunities WK Accountants Forum Amersham 22 September 2015 Topics to be Covered VAT Registration Obligation to register Opportunity to register voluntarily VAT Liability of Income
More informationOsborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1
Osborne Books Tutor Zone Advanced Bookkeeping Practice assessment 1 Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e Task 1 This task is about non-current assets. You
More informationVAT for small businesses
VAT for small businesses What is VAT? VAT, or Value Added Tax, is a tax that is charged on most goods and services that VAT registered businesses provide in the UK. Unlike other taxes, VAT is collected
More informationFoundation Certificate Synoptic
Osborne Books Tutor Zone Foundation Certificate Synoptic Practice assessment 1 Osborne Books Limited, 2016 2 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e I n f o r m a t
More informationFoundation Certificate Synoptic
Osborne Books Tutor Zone Foundation Certificate Synoptic Answers to practice assessment 2 Osborne Books Limited, 2016 2 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e Task
More informationVAT guide for small businesses. VAT guide
VAT guide 1 Contents... What is VAT? Contents What is VAT? VAT or, Value Added Tax, is a tax that is charged on most goods and services that VAT registered businesses provide in the UK. Introduction to
More informationCHAPTER 1 VAT GENERAL PRINCIPLES
CHAPTER 1 VAT GENERAL PRINCIPLES 1.1 VAT legislation and interpretation Value added tax (VAT) was introduced in the UK on 1 April 1973 by the Finance Act 1972. Successive Finance Acts have made amendments
More informationOsborne Books Update. Final Accounts Preparation Tutorial. Amended pages 67 to 71 Case Study: ELECTROPARTS
Osborne Books Update Final Accounts Preparation Tutorial Amended pages 67 to 71 Case Study: ELECTROPARTS October 2018 a m e n d e d pa g e s 6 7 t o 7 1 C a s e s t u d y: e l e C t r o pa r t s The following
More informationVAT - The Essentials. 4 Minute Read
4 Minute Read VAT - The Essentials You may not need to be VAT registered but if you are, you ll have to submit a VAT return to the tax authorities every quarter. 2 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Practice assessment 2
Osborne Books Tutor Zone Bookkeeping Controls Practice assessment 2 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Complete all 10 tasks. Each task is independent.
More informationSupplies. Scope. Registration - is it necessary? Inputs and outputs. Taxable person.
VAT VAT VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with
More informationReferences: Council Directive 2006/112/EC, art 90 In the UK, refunds and downward adjustments are dealt with under the rules on credit notes.
Page 1 VAT bad debt relief Produced in partnership with Etienne Wong of Old Square Tax Chambers This Practice Note outlines how a taxable person who has accounted for and paid VAT on a supply, but who
More informationBroking breakfast briefing
Broking breakfast briefing VAT for broker accounts staff 18 June 2010 VAT for broker accounts staff Introduction to VAT basic principles Partial exemption Group registration The liability of insurance
More informationPaper Reference(s) 7011/01 London Examinations GCE. Friday 15 May 2009 Afternoon. Source booklet for use with Questions 1 to 6.
Paper Reference(s) 7011/01 London Examinations GCE Accounting Ordinary Level Friday 15 May 2009 Afternoon Source booklet for use with Questions 1 to 6. Do not return the insert with the question paper.
More informationHow to calculate your taxable profits
Helpsheet 222 Tax year 6 April 2013 to 5 April 2014 How to calculate your taxable profits A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 3310 the
More informationCBA Model Question Paper CO2. The difference between an income statement and an income and expenditure account is that
CBA Model Question Paper CO2 Question 1 The difference between an income statement and an income and expenditure account is that A an income and expenditure account is an international term for a Income
More information1) State what penalties will have been applied to the previous three late returns/payments. (2)
1. Tardy Ted s Clock Shop has been late in submitting VAT returns and payments to HM Revenue & Customs. The late submission and payment for the quarter ending 30 April 2018 is the fourth in a row. Prior
More informationIAB LEVEL 2 CERTIFICATE IN MANUAL AND COMPUTERISED BOOKKEEPING (QCF)
CONTENTS IAB LEVEL 2 CERTIFICATE IN MANUAL AND COMPUTERISED BOOKKEEPING (QCF) Qualification Accreditation Number 601/3789/7 (Accreditation review date 31 st December 2016) QUALIFICATION SPECIFICATION Introduction
More informationOsborne Books Tutor Zone. Advanced Bookkeeping. Chapter activities
Osborne Books Tutor Zone Advanced Bookkeeping Chapter activities Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1 The accounting system 1.1 Link the elements of the
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 2
Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 2 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Variable monthly bill for broadband
More informationThis tax guide provides you with a basic introduction. We would be happy to provide any further clarification or advice you require.
VAT The basics Introduction VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the Value Added Tax (VAT) they collect. The VAT system
More informationVALUE ADDED TAX University of Sunderland Group VAT Registration Number: GB
VALUE ADDED TAX University of Sunderland Group VAT Registration Number: GB 569 4677 76 The following provides general information relating to VAT and details relating to the correct VAT coding for purchasing
More informationThe exception to this is any Quick Start claims, where a copy of past claims made to HMRC will help greatly to ensure your claim is given priority.
Checklist of issues where a claim may be possible All you need to do right now is to tick the box next to any of the categories which you think may apply. We will then come back to you detailing the further
More informationExample Audit Prepared by Client List Please note that not every item will be relevant for your business. Example File Ref.
Audit Prepared by Client List Please note that not every item will be relevant for your business. Ref Item 1 General Copy of the up-to-date group structure 1.1 Budget/forecasts for the 12 months after
More informationCambridge International General Certificate of Secondary Education 0452 Accounting June 2016 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key messages Candidates should read the question carefully before attempting to answer. A label for
More informationACCOUNTING: PAPER I INFORMATION BOOKLET
NATIONAL SENIOR CERTIFICATE EXAMINATION NOVEMBER ACCOUNTING: PAPER I Time: 2 hours 200 marks INFORMATION BOOKLET PLEASE TURN OVER Page ii of x QUESTION 1 ASSET MANAGEMENT (15 marks, 12 minutes) Information
More informationICC UAE VAT RETURNS WORKSHOP. 29 th March 2018 Dubai Chamber of Commerce & Industry
ICC UAE VAT RETURNS WORKSHOP 29 th March 2018 Dubai Chamber of Commerce & Industry OVERVIEW OF VAT Direct Tax The person paying the tax to the Government directly bears the incidence of tax It is progressive
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination November 2011 Module A VAT including Stamp Taxes Awareness Paper Answers with marks 1 Question 1 Lorry: August 2010 VAT rate 17.5% therefore VAT incurred = 1750. VAT
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
*8375935637* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 October/November 2015 Candidates answer on the Question Paper.
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to chapter activities
Osborne Books Tutor Zone Bookkeeping Controls Answers to chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 (a) A standing order
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Chapter activities
Osborne Books Tutor Zone Bookkeeping Controls Chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 Which one of the following is
More information(50) BASIC ACCOUNTING
All Rights Reserved Time: 03 hours THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA Instructions to candidates FOUNDATION EXAMINATION - JANUARY 2015 (50) BASIC ACCOUNTING (1) This paper consists
More informationFundamentals Level Skills Module, Paper F6 (POL)
Answers Fundamentals Level Skills Module, Paper F6 (POL) Taxation (Poland) December 2015 Answers and Marking Scheme Section A 1 C 2,944 (16,000*80%*23%) The past year proportion is used during the current
More informationPANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )
50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should
More informationMaking Tax Digital for VAT. Main issues for consideration
Making Tax Digital for VAT Main issues for consideration Businesses whose taxable turnover exceeds the VAT registration threshold will need to keep their records digitally, using MTD functional compatible
More informationNovember 2017 Examination
November 2017 Examination PAPER 3 Business Compliance Part I Suggested Answers 1 1. If a supply has been made for which a trader has not been paid then they may claim bad debt relief (a repayment of the
More informationMay 2017 Examination
May 2017 Examination PAPER 6 VAT Part II Suggested Answers Question 1 Local VAT will be charged on the hotel and restaurant costs by each local supplier (1/2 mark) because the place of supply of these
More informationGLOBAL INDIRECT TAX. Sweden. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Sweden Country VAT/GST Essentials kpmg.com TAX b Sweden: Country VAT/GST Essentials Sweden: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2
More information1.2 What law applies to this notice?
Foreword This notice cancels and replaces Notice 723A (October 2011). 1. Introduction 1.1 What is this notice about? This notice explains the schemes for claiming a refund of VAT incurred in: Either European
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
*7159834754* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 May/June 2014 Candidates answer on the Question Paper. No
More informationTrain fares to and from client premises 120 (supplier not VAT registered)
1. State the VAT liability of the following supplies: 1) Public liability insurance. 2) Courier delivery service. 3) A cold sandwich consumed in a café. 4) Mathematics tuition provided by a sole trader.
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Practice assessment 1
Osborne Books Tutor Zone Bookkeeping Controls Practice assessment 1 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Complete all 10 tasks. Each task is independent.
More informationOsborne Books Tutor Zone. Advanced Bookkeeping. Answers to chapter activities
Osborne Books Tutor Zone Advanced Bookkeeping Answers to chapter activities Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1 The accounting system 1.1 FINANCIAL DOCUMENTS
More informationFinal Accounts Preparation
Osborne Books Tutor Zone Final Accounts Preparation Answers to chapter activities Osborne Books Limited, 2016 2 f i n a l a c c o u n t s p r e p a r a t i o n t u t o r z o n e 1 Business organisations
More informationThe Chartered Tax Adviser Examination
Candidate Number You must tick the box below if you have answered this Module. The Chartered Tax Adviser Examination November 205 AWARENESS MODULE A VAT AND STAMP TAXES Suggested solutions Nov 205 Awareness
More informationVAT overpayments and under-deductions
Page 1 VAT overpayments and under-deductions Produced in partnership with Etienne Wong of Old Square Tax Chambers STOP PRESS: The Supreme Court is due to hear HMRC's appeal against the Court of Appeal's
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, January 2012 TAXUD/C/1 VAT in the European Community APPLICATION
More informationPaper Reference. Paper Reference(s) 4305/01 London Examinations IGCSE. Friday 2 November 2007 Afternoon Time: 2 hours 30 minutes
Centre No. Paper Reference Surname Initial(s) Candidate No. 4 3 0 5 0 1 Signature Paper Reference(s) 4305/01 London Examinations IGCSE Accounting Paper 1 Friday 2 November 2007 Afternoon Time: 2 hours
More informationExpenses Policy. Review Summary. Adopted: March 2017
Expenses Policy Review Summary Adopted: March 2017 Review Cycle: Bi-annual Last Review: N/A Next Review: March 2019 1. INTRODUCTION 1.1. This policy provides guidance to all individuals claiming reimbursement
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
*8375935637* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 October/November 2015 Candidates answer on the Question Paper.
More informationEXPENSES: A Handy Guide to Help Cut Down on Taxes. - SIMPLIFIED EXPENSES SCHEME Vehicles Working From Home Living at Your Business Premises
This guide is brought to you by Albert - the highest rated invoices & expenses app in the UK. EXPENSES: A Handy Guide to Help Cut Down on Taxes - SIMPLIFIED EXPENSES SCHEME Vehicles Working From Home Living
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 1
Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 1 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Payment Payment of expenses by
More informationAccounting *P48370A0120* P48370A. Paper 1. Pearson Edexcel International GCSE. Tuesday 24 January 2017 Morning Time: 2 hours 30 minutes.
Write your name here Surname Other names Pearson Edexcel International GCSE Accounting Paper 1 Centre Number Candidate Number Tuesday 24 January 2017 Morning Time: 2 hours 30 minutes You do not need any
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
Cambridge International Examinations Cambridge International General Certificate of Secondary Education *4718451722* ACCOUNTING 0452/12 Paper 1 May/June 2017 Candidates answer on the Question Paper. No
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
Cambridge International Examinations Cambridge International General Certificate of Secondary Education *1008785551* ACCOUNTING 0452/22 Paper 2 May/June 2016 1 hour 45 minutes Candidates answer on the
More informationSelf-employment (full)
Self-employment (full) Tax year 6 April 2016 to 5 April 2017 (2016 17) Please read the Self-employment (full) notes to check if you should use this page or the Self-employment (short) page. To get notes
More informationThis exam paper is in two sections. You should try to complete every task in both sections.
Exam NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) 2003 Standards Tuesday 17 June 2008 (afternoon) Time allowed - 3 hours plus 15 minutes reading time Please
More informationFinancial Statements of Limited Companies
Osborne Books Tutor Zone Financial Statements of Limited Companies Practice assessment 3 I m p o r t a n t n o t e t o t u t o r s In order to provide further practice in the type of questions that may
More informationTAX PROFESSIONAL: FINAL EXAM OUTLINE EXTERNAL INTEGRATED SUMMATIVE ASSESSMENT (EISA)
TAX PROFESSIONAL: FINAL EXAM OUTLINE EXTERNAL INTEGRATED SUMMATIVE ASSESSMENT (EISA) 0 TAX PROFESSIONAL: FINAL EXAM OUTLINE (Early Draft: 30 May 2017) The final exam will consist of knowledge components
More informationGeneral Certificate of Education June 2007 Advanced Subsidiary Examination. Unit 1 Financial Accounting: The Accounting Information System
Surname Centre Number Other Names Candidate Number For Examiner s Use Candidate Signature General Certificate of Education June 2007 Advanced Subsidiary Examination ACCOUNTING Unit 1 Financial Accounting:
More informationThis Section contains a selection of pages from Tax forms, both for reference and also for use in student activities and practice assessments.
TAX FORMS This Section contains a selection of pages from Tax forms, both for reference and also for use in student activities and practice assessments. The forms may also be downloaded from www.hmrc.gov.uk
More information3.1.4 Other areas Public Sector Changes What are the changes How might this affect you? Summary...
Contents Contents... 3 1 Introduction... 1 1.1 Advantages of trading as a limited company... 2 1.1.1 Tax savings... 2 1.1.2 Separate legal entity... 3 1.1.3 Shareholders... 3 1.1.4 Limited liability...
More informationPartnership Tax Return 2017 for the year ended 5 April 2017 ( )
Partnership Tax Return 2017 for the year ended 5 April 2017 (2016 17) Tax reference Date Issue address HM Revenue & Customs office address Telephone For Reference This notice requires you by law to send
More informationFundamentals Level Skills Module, Paper F6 (ZAF)
Answers Fundamentals Level Skills Module, Paper F6 (ZAF) Taxation (South Africa) June 2015 Answers and Marking Scheme Section A 1 C 2 D (15/40 x 15,000) + 24,000 = 29,625 Tutorial note: The foreign interest
More informationIAB LEVEL 2 CERTIFICATE IN APPLIED BOOKKEEPING (QCF)
IAB LEVEL 2 CERTIFICATE IN APPLIED BOOKKEEPING (QCF) Qualification Accreditation Number 500/9262/5 (Accreditation end date 31 st December 2012) CONTENTS QUALIFICATION SPECIFICATION 1. Introduction 2. Aims
More informationS.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module
FANLING LUTHERAN SECONDARY SCHOOL 2015 2016 FIRST TERM EXAM S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 19th January, 2016 Time allowed: 8:30 am - 10:45 am (2 hour 15 minutes)
More informationPoints to consider. What is VAT? Supplies. Scope. Registration - is it necessary? Inputs and outputs. Taxable person
VAT VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with heavy
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
*2076080738* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/21 Paper 2 October/November 2012 Candidates answer on the Question
More informationTaxation Northern Ireland. Sample Paper 3 Questions & Suggested Solutions
Taxation Northern Ireland Sample Paper 3 Questions & Suggested Solutions INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY For candidates answering in accordance with the law and practice of the Northern
More informationFinancial Statements of Limited Companies
Osborne Books Tutor Zone Financial Statements of Limited Companies Chapter activities Osborne Books Limited, 2016 2 f i n a n c i a l s t a t e m e n t s o f l i m i t e d c o m p a n i e s t u t o r z
More informationOsborne Books sample material
2 AS Accounting for AQA AS ACCOUNTING UNIT 1: Introduction to Financial Accounting ADDITIONAL QUESTIONS CHAPTERS 1-6: DOUBLE-ENTRY PROCEDURES; BUSINESS DOCUMENTS The questions in this section deal with
More informationAn error is an irregularity in the accounting records that renders the financial statements not valid.
QUESTION 1 (a) An error is an irregularity in the accounting records that renders the financial statements not valid. i. List five (5) accounting errors that do not affect the agreement of the trial balance.
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes VAT in the European Community APPLICATION IN THE MEMBER STATES,
More informationThe guide to starting your own business
Ltd Chartered Certified Accountants & Registered Auditors The guide to starting your own business Written By: Roger Poulter FCCA Table of contents 1. The Overview 2. How to trade 3. Keep the Tax people
More informationErrata to Fundamental Accounting (6 th edition Revised Reprint ISBN )
Errata to Fundamental Accounting (6 th edition Revised Reprint ISBN 9781485102670) These changes must be read in conjunction to the textbook. It refers to changes in the individual chapters and pages noted.
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2010 VAT on UK Domestic Transactions (including SDLT) Advisory Paper Suggested answers without marks 1 Question 1 ANTI-FORESTALLING/ s.88 & Sch 3 FA 2009 [15 marks]
More informationVAT Seven Key Points for the Smaller Business
VAT Seven Key Points for the Smaller Business This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute
More informationThe Good Bookkeeping Guide
The Good Bookkeeping Guide The Friendly Accountants Chartered Accountants Chartered Tax Advisers Partners: Lesley Ward BSc FCA Richard Baldwyn ATT CTA Arena Business Centre Holyrood Close Poole Dorset
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2016 APPLICATION AND INTERACTION QUESTION 2 - TAXATION OF LARGER COMPANIES AND GROUPS Suggested Solutions Answer Report For the attention of Mr Bobby Malone, Group
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
Cambridge International Examinations Cambridge International General Certificate of Secondary Education *0736616253* ACCOUNTING 0452/12 Paper 1 February/March 2016 1 hour 45 minutes Candidates answer on
More informationPearson Edexcel International GCSE Accounting Paper 1 Time: 2 hours 30 minutes 4AC0/01 You do not need any other materials.
Write your name here Surname Other names Pearson Edexcel International GCSE Accounting Paper 1 Centre Number Candidate Number Tuesday 23 January 2018 - Morning Time: 2 hours 30 minutes You do not need
More informationPartnership Tax Return 2018 for the year ended 5 April 2018 ( )
Partnership Tax Return 2018 for the year ended 5 April 2018 (2017 18) Tax reference Date Issue address HM Revenue and Customs office address Telephone For Reference This notice requires you by law to send
More informationSelf-employment (full)
Self-employment (full) Tax year 6 April 2012 to 5 April 2013 Please read the Self-employment (full) notes to check if you should use this page or the Self-employment (short) page. Your name Your Unique
More informationOsborne Books Tutor Zone. Bookkeeping 2. Chapter activities
Osborne Books Tutor Zone Bookkeeping 2 Chapter activities Osborne Books Limited, 2013 2 b o o k k e e p i n g 2 t u t o r z o n e 1 Banks, building societies and payment systems 1.1 Building societies
More informationHow to Write off Bad Debt in ServiceTitan and QuickBooks (Desktop)
How to Write off Bad Debt in ServiceTitan and QuickBooks (Desktop) Who should use this guide: Accountant Anyone in the office responsible for QuickBooks setup or exporting to QuickBooks. Overview During
More informationACCOUNTING. From the following information provided by the proprietor of the business, Jeremy, you are required to prepare:
Question 1 From the following information provided by the proprietor of the business, Jeremy, you are required to prepare: a. Trading and Profit and Loss Account for the year ended 31 December 20x1 (13
More informationAdvanced Taxation Republic of Ireland. Sample Paper / 2018 Questions & Suggested Solutions
Advanced Taxation Republic of Ireland Sample Paper 2 2017 / 2018 Questions & Suggested Solutions NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes UPDATED MARCH 2015 VAT IN THE EUROPEAN UNION VADEMECUM FOR THE ELECTRONIC
More information