VAT Flashcards
1
Q
who’s responsibility is it to calculate the VAT?
A
the supplier
2
Q
name of the VAT return
A
VAT100
3
Q
what are the 4 types of rates are there?
A
- standard rate (20%)
- lower rate (5%)
- Zero
- Exempt
4
Q
what’s the difference between zero and exempt vat?
A
zero rate VAT can be part of your input VAT.
5
Q
output tax
A
Output VAT is the value added tax that you calculate and charge on your own sales of goods and services if you are registered for VAT.
6
Q
input tax
A
Input VAT is the value added tax added to the price when you purchase goods or services that are liable to VAT.
7
Q
is VAT calculated before or after any deductions?
A
VAT is always calculated on the actual amount to be paid by the customer
