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ACCA-TX-VAT

The F6 tax law value-added tax in ACCA mainly includes registration and exit, Tax calculation, import and export VAT, Declaration and payment, etc.

Edited at 2024-03-19 13:13:53

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ACCA-TX-VAT

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Outline

VAT 20%

scope

Zero rate - output tax is 0, but input tax is refundable; Exemption - input tax as cost of purchase;

Condition determination and registration requirements

Mandatory registration

historical judgment

Taxable income (excluding output tax) in the past 12 months is greater than 85,000

Notify HRMC before the end of next month and register on the 1st of the next month

future judgment

Estimated income before tax in the next 30 days > 85,000

Notify HRMC within 30 days, the effective date is the first day of 30 days

It must be zero rate or normal tax rate, not for tax-free industries; The registration date obtained by the two methods may be different, so please choose the earliest date.

Voluntary source registration

Advantages: Improve credit capacity, input tax can be refunded; Disadvantages: Management costs, competitiveness will be reduced if customers are non-general taxpayers, because customers cannot refund the output tax on products

Group registration

Must be UK residents; shareholding >50%;

Not all members need to join, sole traders and partners can also join.

It is enough for a company to prepare a tax return, but it is severely liable for VAT Related party transactions within the group are not taxed, but if you ask about the value-added tax of one of them, it will be calculated. It depends on the question.

Unregister

I have no use for the income after graduation and must quit.

If your income in the next year is less than 83,000, you can choose to quit

Inventories and assets are deemed to be sold, and the output tax is less than 1,000 or the entire transfer is tax-free.

tax calculation

Notice: 1. Is the amount given including tax or excluding tax? 2. If there is a discount, the output is calculated based on the discounted amount;

sales

Gifts are deemed to be taxed as cost sales, unless they are less than RMB 50 in the year, are samples, or are services.

Input

Whether it is business use, the private part must be excluded;

car situation

entertainment expenses

Non-refundable entry for UK customers

All employees and overseas customers will be withdrawn

Asset impairment

Impairment of receivables - overpayment of output items - bringing in input items

Must be 6 months after AR due date

fuel cost

The company only pays the common part, calculated normally

The company pays everything and the employees return it

All inputs are calculated, and employee returns are regarded as outputs.

The company pays the full amount and the employee does not return it.

No input or output items are reported.

The commercial part is counted as input and no output is declared.

The full amount is calculated as input, and scale charge is used for output.

Purchase before registration

Fixed assets purchased and in use within 4 years before registration

Services purchased 6 months before registration

Inventory still in stock at the time of registration

Do the questions

Interspersed with the depreciation question, input items that can be refunded or output items that need to be paid must be subtracted from the asset amount (irrelevant to the asset cost), and items that cannot be refunded or do not need to be paid shall be treated as part of the asset purchase or disposal amount; it must be noted that they are divided into commercial/private use Calculate the proportion of

Declaration and payment

Declaration and payment are due 1 month and 7 days after the quarter

Judgment of taxable date

basic-goods delivery, service completion

Special: If the invoicing or collection and payment date is earlier than basic, the earliest date will be used; If the invoice date is later than basic, but not more than 14 days, the taxable date is still the invoice date;

The taxable date of the deposit is the date of payment

VAT refund

You can claim a refund of input tax for the current quarter and the previous 4 years

Invoicing is issued 30 days after taxable income occurs

Simplified version of invoice

The amount including tax is less than 250 yuan; No buyer information; Simplify goods/service information;

No VAT invoice is issued

Less than 25 yuan including tax, or the customer is not VAT registered

Related penalties

Declaring for the first time or paying late

surcharge liability notice--will be monitored in the next 12 months

Monitoring period is late again

At the end of the second late filing period, monitoring is extended for 12 months

Late submission fine

fine

Penalty interest -3.25%

Filing/Tax Error

The amount does not exceed 10,000 or 1% of the current taxable amount, which can be revised in the next period.

Otherwise, please notify HRMC in writing and

No penalty for small mistakes You'll have to pay a fine for any mistakes, big or small

Materials are kept for 6 years and submitted electronically

Import and export VAT

import

Record equal amounts of input/output tax at the same time

Retreat immediately

exit

Goods--output rate is zero

Service--out of scope of VAT

Flat rate scheme

Only output tax is calculated, no input tax calculation and deduction

VAT payable=total VAT inclusive turnover (including standard, zero rate, exempt) * rate

Join conditions

Turnover in the next 12 months excluding tax ≤ 150,000

leaving conditions

Turnover including tax in the next 12 months＞230000

advantage: Simplify calculations; The rate can be reduced by 1% when used for the first time; shortcoming: There is no input tax refund;

annual accounting scheme

return once a year

The conditions for joining/exiting are the same as above.

Pay 9 yuan in advance, and pay 10%*last year's VAT payable every month at the end of the 4th to 12th month; The last balance is paid within two months after the year;

advantage: avoid defult surcharge; manage cash flow; shortcoming: mismatch between prepayments and income;

Cash accounting scheme

The taxable date becomes the actual receipt and payment date

Join conditions

≤1.35m excluding tax in the next 12 months

Exit conditions

Excluding tax in the next 12 months＞1.6m

advantage: There is no question of AR impairment; Customers don’t pay taxes if they don’t pay; shortcoming: Input tax must be paid before the declaration can be made; Cash-only or zero-rate sales are not suitable;