ACCA考试税法知识辅导资料4

1、高顿财经GOLDE Nl FI MANCE全球财经教育领导品牌2015ACCA 考试税法知识辅导资料 本文由高顿ACCA整理发布，转载请注明出处VALUE ADDED TAX, PART 1RELATED LINKSPDF versionThis two-part article is releva nt to can didates sitt ing Paper F6(UK) in either the Juneor December 2013 sitt in gs, and is based on tax legislati on as it app lies to the tax yea

2、r 2012 13 ( Finance Act 2012 )。Paper F6 ( UK)will always con tain a minimum of 10 marks on value added tax(VAT)。These marks will no rmally be in cluded with in questi on one(focus ing on in come tax ) orquestio n two( focus ing on corpo rati on tax )， although there might be a sep arate questi onon

3、VAT.Sta ndard rate of VAT The sta ndard rate of VAT is curren tly 20%.Example 1 Zoe is in the p rocess of compi et ing her VAT return for the quarter en ded 31March 2013. The follow ing in formati on is available:S別已5 irwoic已5 totaling128卫00 were issued in respect of standard 闭ted 5对簡.Standard rated

4、 expenses amounted to 24,800.On 15 Februa 2013 Gwen purchased machinery at a cost of 24)50. This figure isin clusive of VAT.Uni ess stated otherwise all of the above figures are exclusive of VAT.VAT已turnquarter ended 31 March 2013Output VATSales (128,000 x 20% )25,600Input VATExpenses (24,800 x 20%

5、)4,960Mach in ery(24,150 x 20/120 )4,025(8,985 )16,615VAT registrati on A bus in ess making taxable supp lies must register for VAT if duri ng theprevious 12 months the value of taxable supplies exceeds 77,000. However, VATregistrati on is not required if taxable supp lies in the follow ing 12 mon t

6、hs will not exceed75,000. These figures are exclusive of VAT. Remember that both standard rated andzero-rated supp lies are taxable supp lies.Exa mple 2 Albert comme need trad ing on 1 January 2012. His sales have bee n asfollows: standard ratedZero- rated 2012Jan uary3,2000 February 2,800 0March3,3

7、000 April 5,100 600May2,7000 June 3,700 400July3,900200 August 5,500 100Sep tember4,3000 October 12,100 0November6,900700Standard ratedZero- I 它ted December 8匸200 30Q |2013Jan uary 8,800 900February12,5001,200Albert will become liable to compu Isory VAT registrati on whe n his taxable supp lies duri

8、ng any 12- mOflth 卩创00 SXCeed /000.IMS Will happen on 2b February 2013 when taxable supplies will amount to 81,400(3,300 + 5,700 + 2,700 + 4,100 + 4,100 + 5,600 + 4,300 + 12,100 + 7,600 + 8,500 +9,700 + 13,700 )。Albert will have to notify HM Revenue & Customs by 30 March 2013, being 30 daysafter the

9、 end of the p eriod.Registratio n is required from the end of the month followi ng the mon th in which thelimit is exceeded, so Albert will be registered from 1 April 2013 or from an agreed earlierdate.A bus in ess must also register for VAT if there are reason able grounds to believe thattaxable su

10、pplies will exceed 77,000 during the following 30 days. Again the figure isexclusive of VAT.Exa mple 3 Bee comme need trad ing on 1 October 2012. Her sales have bee n as follows:2012 October 600November5,400 December 23,9002013Jan uary97,700Bee s sales are all standard rated.On 1 Jan uary 2013 Bee r

11、ealised that her sales for January 2013 were going to exceed9b；000, and theretore immediately registered tor vat.Busin esses must register for VAT if at any time they expect their taxable supp lies for the following 30- Clay period to exceed /；000.Bee realised that her taxable supp lies for Jan uary

12、 2013 were going to be at least95；000. She was therefore liable to register from 1 January 2013； being the start of the30-day p eriod.Bee had to notify HM Revenue & Customs by 30 Jan uary 2013, bei ng 30 days from thedate that the exp ectati on arose.It is important that you app reciate the disti nc

13、tion betwee n making sta ndard ratedsupp lies, zero-rated supp lies and exe mpt supp lies. Only sta ndard rated supp lies andzero-rated supp lies are taxable supp lies.(1) training,Exa mple 4 Cathy will comme nee tradi ng in the n ear future. She op erates a smallaeroplane, and is con sideri ng thre

14、e alter native types of bus in ess. These arein which case all sales will be standard rated for VAT, (2) transport, in which case all saleswill be zero-rated for VAT, and (3) an air ambula nee service, in which case all sales willbe exe mpt from VAT.For each alternative CathyM sales will be 80,000 卩

15、曰 month (exclusive of vat),and standard rated expenses will be15；000 per month (inclusive of VAT )。 Standardrated supp liesCathy will be required to register for VAT as she is mak ing taxable supp lies.Output VAT Qf 16卫00 _(80,000 x 20% ) per month will be due, and input VAT of2500( 15,000 x 20/120

16、) per mon th will be recoverable.Zero-rated supp liesCathy can apply for exe mp ti on from registrati on for VAT since she is maki ng zero-ratedsupp lies, otherwise she should still register as these are taxable supp lies.UUtpilI： VAI Will De an已 D贞 l叩贞 UA I O 厶HKJ per mont h will be recoverable.Exe

17、mpt supp liesCathy will not be required or p ermitted to register for VAT as she will not be makingtaxable supp lies.Output VAT will not be due and no input VAT will be recoverable.Volu ntary VAT registratio n A bus in ess may decide to volun tarily register for VAT wheretaxable supplies are below t

18、he /,UOtJ registration limit； or where it is possible to apply torexe mp ti on from registeri ng. This will be ben eficial whe n:The bus in ess makes zero-rated supp lies. As see n in Example 4, out put VAT will not bedue but input VAT will be recoverable.The bus in ess makes supp lies to VAT regist

19、ered customers .Input VAT will be reclaimed,and it should be p ossible to charge out put VAT on top of thep re-registrati on sell ing p rice. This is because the out put VAT will be recoverable by thecustomers.However, it will p robably not be ben eficial to volun tarily register for VAT wherecustom

20、ers are members of the gen eral p ublic, si nee such customers cannot recover theout put VAT charged. If selli ng p rices cannot be in creased, the out put VAT will become anV s sales are all made to VATadditi onal cost for the bus in ess.Example 5 Continuing with Example 3, assume that Beeregistere

21、d bus in esses, and that input VAT for the p eriod 1 October to 31 December 2012was_12,400. TFiiTinput VAT would not be recoverable were Bee to register for VST on 1Jan uary 2013.Bee s sales are all to VAT registered bus in esses, so out put VAT can be p assed on tocustomers.Her reve nue would there

22、fore n ot have altered if she had volun tarily registered for VATon 1 October 2012.It would therefore have bee n ben eficial for Bee to have volun tarily registered for VAT on 1 UQODer 2Uiz since additional input va i ori厶电JU woLiia nave Deen reco vered.Whether or not out put VAT can be p assed on t

23、o customers is also an imp orta nt factorwhe n decidi ng whether to remai n below the VAT registratio n limit, or whether it is ben eficialto acce pt additi onal work that results in the limit being exceeded.Example 6 Danny has bee n in bus in ess for several years. All of his sales are sta ndardrat

24、ed and are to members of the gen eral p ublic. He is not registered for VAT.At present, Dannys annual sales are 75,500. He is planning to put 叩 his prices, and this will increase annual sales to 81；000. There is no further scope for ary price increases. Dannys standard rated expenses are 12,700 year

25、 (inelusive of vat)。Prior to putting up his prices, Dannys net profit is (75j5001 乙兀0)。If Danny puts up his prices, then he will exceed the VAT registration limit of 77,000,and will have to register for VAT.Output VAT will have to be absorbed by Danny, as sales are to the gen eral p ublic andthere i

26、s no further scope for price in creases.The revised annual net p rofit will be:Income ( 81,000 x 100/120 ) 67,500Expenses (12,700 x 100/120)(10,583 )Net p rofit56,917This is a decrease in net profit of 5,883 (680056,917), and so it is notben eficial for Danny to put up his p rices.Pre-registrati on

27、input VAT Input VAT in curred p rior to registrati on can be recovered incerta in circumsta nces.Example 7 Elisa comme need tradi ng on 1 January 2013, and registered for VAT on 1April 2013. She had the followi ng inp uts for the period 1 Jan uary to 31 March 2013: Ja nuaryFebruaryMarch Goods purcha

28、sed 3,40014,200 25,400Services in curred2,6003,0003,600 Non- cu朗t assets 64卫00On 1 April 2013 Elis 3 had an inventory of goods that had cost 13,800. Tlie abovefigures are all exclusive of VAT.Input VAT of 2,760 ( 13,800 x 20% ) can be recovered on the inven tory at 1 April2013.The inven tory was not

29、 acquired more tha n four years p rior to registrati on, nor was itsold or con sumed p rior to registrati on. The goods must have bee n acquired for bus in esspurpo ses.The same principle applies to non-CU罚t 曲5已乞 SO i叩Ut VAT Of 12戲0 |( 64,000x 20% ) can be recovered on the non-current assets purchas

30、ed during January 2013.Input VAT of 1,840 ( 2,600 + 3,000 + 3,600 = 9,200 x 20%) can be recovered onthe services in curred from 1 January to 31 March 2013.This is because the services were not supp lied more tha n six mon ths p rior toregistratio n. The services must have bee n supp lied for bus in

31、ess purpo ses.I He total inputVAi recovery is i400 (2,760 + 12,800 + 1,840）。VAT deregistratio n A bus in ess stops being liable to VAT registrati on whe n it ceases tomake taxable supp lies. HM Reve nue & Customs must be no tified with in 30 days, and thebus in ess will the n be deregistered from th

32、e date of cessati on or from an agreed later date.A bus in ess can also request volun tarily VAT deregistrati on.There is a deemed supply of bus in ess assets such as plant, equipment and inven torywhe n a bus in ess ceases to be registered for VAT.However, the tran sfer of a bus in ess as a going c

33、oncern does not no rmally give rise toany VAT imp licatio ns.Example 8 Fang is registered for VAT but i nte nds to cease tradi ng on 31 March 2013.On the cessati on of tradi ng Fang can either sell his non curre nt assets and inven tory on api ecemeal basis to in dividual pu rchasers, or he can sell

34、 his en tire bus in ess as a goingconcern to a sin gle pu rchaser.Sale of assets on a p iecemeal basisUpon the cessati on of tradi ng Fang will cease to make taxable supp lies, so his VATregistrati on will be can celled on 31 March 2013 or an agreed later date.He will have to notify HM reve nue and

35、Customs by 30 April 2013, bei ng 30 days afterthe date of cessati on.Output VAT will be due in respect of non-curre nt assets and inven tory on hand at 31March 2013 on which input VAT has bee n claimedtotals less than 1 卫00)。(although out put VAT is not due if itSale of bus in ess as a going concern

36、If the pu rchaser is already registered for VAT the n FangV s VAT registration will becan celled as above.V s VAT registration,(1) aIf the pu rchaser is not registered for VAT the n it can take over Fangthough from a commercial point of view this may be in advisable.A sale of a bus in ess as a going

37、 concern is outside the scope of VAT, and thereforeout put VAT is not due.Group VAT registrati on Two or more companies can register as a gro up for VATpurpo ses if they are un der com mon con trol ( such as a parent company and its subsidiary companies ) and each of them is reside nt in the UK.A VA

38、T group is treated for VAT purpo ses as if it was a sin gle company registered forVAT on its own. Group VAT registratio n is made in the n ame of a rep rese ntative member,and this company is the n respon sible for compi eti ng and submitt ing a sin gle VAT retur n andpaying VAT on behalf of the gro

39、up. However, all the companies in the VAT group rema injoin tly and severally liable for any VAT liabilities.Example 9 Yung Ltd and its two 100% subsidiaries are con sideri ng registeri ng as agroup for VAT purp oses.The adva ntage of gro up VAT registrati on is that there will be no n eed to acco u

40、nt forVAT on goods and services supp lied betwee n group members. Such supp lies are simplyignored for VAT purpo ses.It will also on ly be n ecessary to comp lete one VAT return for the whole group, so thereshould be a sav ing in adm ini strative costs.However, the disadva ntage is that various limi

41、ts, such as those for the cash and annualaccounting schemes (see Part 2 of this article ) , will apply to the VAT group as a wholerather tha n on an in dividual company basis.The tax point It is very important to correctly ide ntify the time of supply or tax point, asthis determ ines whe n out put V

42、AT will be due.Example 10 Exp la in the VAT rules that determ ine the tax point in resp ect ofsupply of goods, and ( 2)a supply of services.he basic tax point for goods is the date that they are made available to the customer.The basic tax point for services is the date that they are compi eted.If a

43、n in voice is issued within 14 days of the basic tax point, the in voice date will usuallyrep lace that give n above.If an in voice is issued or p ayme nt received before the basic tax point, the n thisbecomes the actual tax point.With the supply of services there may be more tha n one tax point.Exa

44、mple 11 Den zil is a self-e mpio yed prin ter who makes sta ndard rated supp lies. Fora typ ical prin ti ng con tract he receives a 10% dep osit at the time that the customer makesthe order. The order no rmally takes 14 days to compi ete, and Den zil issues the sales in voicethree to five days after

45、 compi eti on. Some customers pay immediately upon receivi ng thesales in voice, but many do not pay for up to two mon ths.(the date of compi etio n),The tax point for each 10% depo sit is the date that it is received.In voices are issued with in 14 days of the basic tax pointso the in voice date is

46、 the tax point for the bala nee of the con tract price.Output VAT and input VAT There are several imp orta nt points regard ing out put VATand input VAT that should be remembered:For VAT purpo ses there is no disti nction betwee n revenue and cap ital items as there isfor in come tax and corpo ratio

47、 n tax.VAT is only chargeable on the net amount where a disco unt is offered for promptp ayme nt, regardless of whether p ayme nt is made with in the sp ecified time for the disco untto be received.Relief for an imp airme nt loss is only available if the claim is made more tha n six mon thsfrom the

48、time that p ayme nt was due, and the debt has bee n writte n off in the bus in essbooks.Input VAT cannot be recovered in resp ect of bus in ess en terta inment(uni ess it relatesto the cost of en terta ining overseas customers ) or the pu rchase of a motor car(uni essthe car is used 100% for bus in

49、ess purp oses）。Input VAT cannot be claimed in respect of goods or services that are not used forbus in ess purpo ses.An apportionmen t is made where goods or services are used p artly for bus in esspurpo ses and p artly for p rivate purpo ses.Example 12 Gwen is in the pro cess of compi eti ng her VA

50、T retur n for the quarter en ded31 March 2013. The followi ng in formation is available:Cash sales amounted to 50 帅席 4b,zoo was in respect or standard rated sales and 4200 was in respect of zero -rated sales. AII of these sales were to non-VATregistered customers.Sales invoices totalling 128；000 wer

51、e issued in respect of credit sales to VAT |registered customers. These sales were all sta ndard rated. Gwen gives her customers a 3%disco unt for p ayme nt withi n 30 days of the date of the sales in voice, and 80% of thecustomers pay with in this p eriod.Standard rated materials amounted to 32,400

52、, of which 600 were taken by Gwenfor her personal use.Standard rated expenses amounted to 24,800. This includes 1,200 foren terta ining UK customers.On 15 March 2013 Gw朗 sold a motor car for 260 and purchased a new motor car衣 3 cost of16800. Both motor cars were used for business and private mileage

53、, but nofuel was p rovided for p rivate mileage. These figures are in clusive of VAT where app licable.On 28 March 2013 Gwen sold machinery for 3；600, and purchased new machinery at a cost of I 2匕6)0. She paid for the new machiwry on this dat已but did not tate d已li怅叩or receive an in voice un til 6 Ap

54、ril 2013. These figures are in clusive of VAT where app licable.On 31 March 2013 Gwen wrote off imp airme nt losses in respect of three in voices thatwere due for payme nt on 15 August 2012, 15 Se ptember 2012 and 15 October 2012resp ectively. The amount of out put VAT origi nally paid in respect of

55、 each in voice was3他During me quarter ended Ji narcn buu was spent on moDiie teiepnone c aiis.of which 40% relates to p rivate calls.Uni ess stated otherwise all of the above figures are exclusive of VAT.VAT return quarter ended JI March 2U13uutput VAICash sales ( 46,200 x 20% )9,240 Credit sales (1

56、28,000 x 97%(1003)| x 20% ) 24,832Motor car0 Machi nery(3,600 x 20/120 ) 600Input VATMaterials(32,400600 = 31,800 x 20%)6,360Expenses(124,800 lm = 23600 X 20% )1 4,720Motor carMach inery(21,600 x 20/120 )3,600680Impairment losses(340 + 340 )Tele phone(600 x 60%(lUO 1)x 20% ) 72(15,432 )19,240The calculati on of out put VAT on sales must take into acco unt the disco unt fo