VAT Returns

Question 1

Where does money the business owes to HMRC?

Answer 1

When output tax > input tax

Question 2

Money HMRC owes the business as a repayment?

Answer 2

When input tax > output tax

Question 3

Output tax?

Answer 3

Charged to its customers

Question 4

Input tax?

Answer 4

Paid to its suppliers

Question 5

Frequency of VAT returns?

Answer 5

Quarterly

Question 6

Who must file for VAT return?

Answer 6

If taxable turnover > £90000

Question 7

Deadline for VAT Return?

Answer 7

1 calendar month and 7 days after the end of the VAT period (e.g., period ending 31 March → deadline 7 May)

Question 8

A gross amount on VAT invoice contains?

Answer 8

Net + input VAT

Question 9

When is an invoice VAT registered?

Answer 9

The supplier is VAT-registered in the UK, the supply is a taxable supply, (the buyer) are buying it for business purposes and are yourself VAT-registered