VAT Invoice Quiz FA 2023

What are the required contents of a full VAT invoice?

What are the required contents of a simplified VAT invoice for amounts less than £250?

What is a modified VAT invoice?

What is the de minimis amount for partial exemption for VAT?

What proportion of total input VAT must be less than for partial exemption for VAT?

Generally, a partially exempt business cannot reclaim the input tax paid on purchases that relate to exempt supplies.

• True

• False

If the amount of input tax incurred relating to exempt supplies is below a minimum de minimis amount, input tax can be reclaimed in full.

• True

• False

If the amount of input tax incurred relating to exempt supplies is above the de minimis amount, only the part of the input tax that related to non-exempt supplies can be reclaimed.

• True

• False

What is the penalty percentage for a careless inaccuracy in VAT return with unprompted disclosure?

• 0-30%

• 15-30%

• 20-70%

• 30-100%

What is the retention period for payroll records?

• 1 year

• 2 years

• 3 years

• 4 years