Partial exemption (VAT)

Question 1

Input tax recoverability formula

Answer 1

Total taxable supplies (0+std)/Total supplies

=% of recoverable input tax

Question 2

Test 1

• Tit
• Every Turtles

Answer 2

Total input tax < £625

Exempt < 50% total supplies

Question 3

Test 2

• Titless direct attribute tits
• Every turtles

Answer 3

Total IT Less:dir attrib to taxable supp <50% total supplies

Question 4

Test 3

• Every
• Every Tit

Answer 4

IT relating to exempt supplies<50% total Input VAT