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ITAX

ITAX TERMINOLOGY

TermDefinition
VAT Indirect Tax on consumer spending
Taxable Persons businesses which are (or should be) registered for VAT.
Taxable Supplies Mainly sales made by a taxable person
Output Tax The VAT charged on sales or taxable supplies
Input Tax VAT paid by a business on purchases or expenses
Taxable Supplies Supplies for which VAT is applied
Exempt Supplies Supplies that the law states should not have VAT charged on them
Outside the scope VAT is not applied
Zero Rate Tax rate of nil
Standard Rate Taxable supplies at 20%
Reduced Rate Domestic and charitable supplies
VAT Act 1994 Main source of law on VAT
HMRC Government body that is responsible for administering VAT
HMRC Publications VAT related material
VAT Guide 700 Guide to VAT rules and procedures
VAT notes Quarterly bulletin
Compulsory Registration Businesses that have taxable supplies exceeding the registration threshold that have to register under the compulsory registration rules
Exemption from Registration A trader making only zero-rated supplies can apply for exemption from registration
Deregistration A person must deregister when he ceases to make taxable supplies
Effect of Deregistration On deregistration, VAT output tax must be paid over on the value of capital assets and inventory owned at the date of deregistration
Tax point The date on which the liability for output tax arises
Basic Tax Point The date when goods are removed
Actual Tax Point A tax invoice is issued or a payment is received on or before the basic tax point
14 Day Rule A tax invoice is issued within 14 days after the basic tax point
Simplified VAT Invoice Invoices with fewer details if the value of the supply is below a certain limit.
Partial Exemption A taxable person who makes both taxable supplies and exempt supplies is referred to as a partially-exempt trader
VAT Refund If the business has more input tax than output tax in a particular VAT period, then it will be due a refund
Annual Accounting Scheme Only one VAT return is submitted each year, but VAT payments must still be made regularly
Cash Accounting Scheme A business accounts for VAT on the basis of when payment is actually received from customers or made to suppliers
Flat Rate Scheme A business calculates the VAT liability by simply applying a flat rate percentage to total VAT-inclusive turnover
Tax Avoidance Arranging your tax affairs, using legal methods, so that you pay less tax.
Tax Evasion Using illegal methods to reduce tax due
Ethical Implications Members must not assist a client to plan or commit an offence
Penalties Standard penalty, default surcharge, immediate payment of VAT and error correction
VAT Return Summarises all the transactions for the period
VAT Account main source of information for the VAT return
Created by: donnaowen
 

 



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