ICAEW ACA Certificate Level · Tax Fundamentals

VAT and stamp taxes

9 practice questions, each with the answer and an explanation.

Practise VAT and stamp taxes now

Random questions from this topic, one at a time. You see the answer and the explanation straight after each one.

All 9 questions

  1. A VAT-registered business sells goods for £1,440 including VAT at the standard rate of 20%. How much VAT is included in the price?
  2. In a VAT quarter a business has output VAT of £24,000 and input VAT of £8,400 on purchases. All amounts relate to standard-rated supplies. What is the VAT payable?
  3. A business uses the flat rate scheme with a rate of 12%. Its VAT-inclusive turnover for the quarter is £60,000, and it paid £2,400 of VAT on purchases. What VAT is payable?
  4. Which of the following supplies is exempt from VAT, rather than zero-rated?
  5. A business delivers goods to a customer on 20 June and issues the VAT invoice on 28 June. It is not paid until 30 July. There was no earlier payment or invoice. What is the tax point?
  6. A business's taxable turnover for the last twelve months has just exceeded £90,000 at the end of May. By when must it normally notify HMRC to register for VAT?
  7. A business makes only exempt supplies, such as insurance. What is the effect on its VAT position?
  8. An individual who owns no other property buys a main residence in England for £400,000. Use these residential rates: 0% on the first £125,000, 2% on £125,001 to £250,000, 5% on £250,001 to £925,000. T…
  9. An investor buys shares in a UK company for £12,340 using a paper stock transfer form. At 0.5%, what is the stamp duty payable?

Keep practising

More ICAEW ACA Certificate Level topics

All ICAEW ACA Certificate Level practice →

Ready for the full ICAEW ACA Certificate Level test?

Take a mock testICAEW ACA Certificate Level hub