Flashcards
VAT Return Flash cards
Cards in this deck (10)
- 1What figures contribute to box 1?Sales and other outputs, less sales returns. Include corrections from previous returns.
VAT due on zero rated services from other EU member states - 2What does box 2 contain?VAT due on acquisitions from other EU member states
- 3What figures are contained in box 4 ?Purchases and other inputs, less any credit notes.
EU acquistions.
Error corrections.
VAT due on zero rated services from other EU member states. ( same as box 1). - 4What calculation is made to determine the value in box 5?Box 3 minus box 4
- 5What value is in box 3?Sum of boxes 1 and 2
- 6In what way are boxes 6 to 9 rounded?Figures are pounds only - rounded down.
- 7What figures are contained in box 6?Net sales and other outputs.
Less any credit notes.
Also include supplies to EU and non EU states. - 8What figures are in box 7?Net Purchases less any returns.
Imports and acquisitions from EU and non EU member states. - 9What does box 8 contain?Total of net supplies to EU member states
- 10Box 9 in the VAT return contains what?Net Acquistions to EU
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- Highers Accounting Flashcards on VAT Return Flash cards, created by ross young on 07/01/2021.
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- ross young
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