1
Q
When there are 4 penalty points?
A
A £200 penalty is charged
2
Q
When is there a daily penalty?
A
If a VAT penalty is over 30 days.
3
Q
The penalties for a VAT liability late by 35 days with VAT liability of £38000
A
£38000 * 4%
£38000 * 4% * 5/365
£38000 * 6.5% * 35/365
4
Q
Exports?
A
No VAT
5
Q
Imports?
A
Output and input VAT cancel each other out
Output VAT is what is charged
6
Q
Business services more than 6 months ago?
A
No VAT
7
Q
Goods (e.g. inventory) more than 4 years ago?
A
No VAT
TX Accumulated Knowledge
flashcards
Decks in class (35)
# Cards
-
(A) Self-Assessment235
-
E (Self-Assessment)155
-
C Relief Qualifications198
-
D Reliefs27
-
D Reliefs (2)24
-
F Rules63
-
Automatic Overseas Tests (B)3
-
Automatic UK Tests (B)3
-
Sufficient Ties Test (B)5
-
Qualifying Interest (B)3
-
Allowable Deductions (B)16
-
Accruals vs Annual2
-
Capital Allowance Computation (B)15
-
E Section C Theory Rote34
-
E Section C Theory Rote (2)31
-
Badges of Trade6
-
Employed Meaning4
-
B Section C Theory Rote62
-
B Tax Adjusted Profit Walkthrough172
-
B Exempt Benefits40
-
C Tax Adjusted Profit Walkthrough4
-
E Section Tax Adjusted Profit127
-
E Reliefs (2)7
-
B Reliefs29
-
B Reliefs (2)23
-
C Reliefs43
-
C Reliefs (2)20
-
E Reliefs62
-
F Reliefs72
-
F Reliefs (2)7
-
Important Dates81
-
E Group Relief Examiner Approach6
-
E TTP Computation Comprehensive12
-
Lower or Higher?22
-
D Deadlines3
