Annual statements. ⢠Accounts records. ⢠Sales and purchases invoices. ⢠Bank statements. ⢠Import and export do
Indirect tax BC3220617IndTax – PDF
FLASH CARDS
Name three sources of VAT information.
Who is the relevant tax authority for VAT?
• HMRC website GOV.UK • VAT notice 700 • Up to date textbooks or attending update courses
HMRC
Does VAT fall on a registered business, only end-user or both?
Name four records that can be inspected during a control visit?
The end user, although registered businesses will have to record VAT in and out which may incur costs.
• Annual statements • Accounts records • Sales and purchases invoices • Bank statements • Import and export documents • VAT registration certificate • Any other related documents including contracts and letters
How long should VAT records be retained?
What are some special VAT schemes that can be used by registered businesses?
A company regularly invoices for all goods at the end of each month, how does that affect the tax points?
If the VAT invoice is issued up to 14 days after the date of supply, the date of invoice becomes the actual tax point.
The invoice date will be the actual tax point so long as the company invoices like this regularly and has written permission from the local VAT office.
On what can input VAT be claimed?
Under what conditions may input VAT be claimed on a new car?
On goods and services bought for the business, providing the business makes standard, reduced or zero-rated supplies.
If it is mainly used as a taxi, for driving instruction or for self-drive hire.
