ExpertEasy2 marksMultiple Choice
ACCA · Question 13 · Value added tax (VAT)
Section A
Marcel is an artisanal cheese maker. His taxable turnover has been steadily increasing. At the end of October 2023, his rolling 12-month taxable turnover reached £86,000 for the first time.
By what date must Marcel notify HMRC of his requirement to register for VAT?
Section A
Marcel is an artisanal cheese maker. His taxable turnover has been steadily increasing. At the end of October 2023, his rolling 12-month taxable turnover reached £86,000 for the first time.
By what date must Marcel notify HMRC of his requirement to register for VAT?
Answer options:
A.
31 October 2023
B.
30 November 2023
C.
1 December 2023
D.
31 December 2023
How to approach this question
Identify the end of the month in which the historic threshold was breached. Add 30 days to find the notification deadline.
Full Answer
B.30 November 2023✓ Correct
Marcel breached the historic VAT registration threshold (£85,000) at the end of October 2023. He must notify HMRC within 30 days of the end of that month, which is 30 November 2023. He will be registered for VAT from 1 December 2023.
Common mistakes
Confusing the notification date (30 Nov) with the effective date of registration (1 Dec).
Practice the full ACCA TX — Taxation Practice Exam 3
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