Recap on lesson 1 VAT

Recap on lesson 1 VAT

Professional Development

20 Qs

quiz-placeholder

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Recap on lesson 1 VAT

Recap on lesson 1 VAT

Assessment

Quiz

Business

Professional Development

Medium

Created by

Louisa Rigden

Used 2+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the VAT registration threshold amount this year?

£80,000

£81,000

£85,000

£83,000

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the deregistration VAT limit this year?

£85,000

£80,000

£81,000

£83,000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many VAT registrations can a sole trader have?

More than one if he asks HMRC permission

There is no limit

2

1

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can you apply for if you temporarily exceed the VAT threshold?

Extension

Exception

Exemption

Extraction

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What kind of company can apply for exemption from VAT registration

One that only sells reduced rated goods

One that only sells zero rated goods

One that only sells chargeable goods

One that only sells exempt goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often should turnover be checked when using the historic test?

Just before a VAT return is completed

When a VAT inspector visits

Once every 6 months

End of every month

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Once the threshold is exceeded using the historic test how long do you have to register with HMRC?

30 days

1 month from end of the month in which threshold is exceeded

30 days from end of month in which threshold is exceeded

1 month

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