Lesson Seven Flashcards
1
Q
If you sell on a vehicle that had vat reclaimed back on it , do you have to charge vat on it?
A
Yes
2
Q
Can you claim vat on fuel?
A
Yes if for business purposes
3
Q
What are the three schemes for businesses?
A
Annual accounting scheme, cash accounting and flat rate scheme.
4
Q
How many returns for annual scheme?
A
One
5
Q
Who is the annual scheme for?
A
Businesses with a low amount than the threshold.
6
Q
What are disadvantages for annual?
A
If high turnover than wait a year for a refund and of low then wait have to complete more payments.
7
Q
When is cash scheme due?
A
quarterly basis
8
Q
What is the benefit for cash scheme?
A
Cash flow improved
9
Q
What is the disadvantage for cash scheme ?
A
VAT can not be claimed until its paid for
