June 2023 to March 2024 exams Watch free ACCA TX lectures
Example 1 Orchid Ltd commenced trading on 1 June 2022. Its sales are as follows:
The company’s sales are all standard rated.
State: (a) When Orchid Ltd will become liable to compulsory VAT registration (b) The date by which Orchid Ltd must notify HMRC (c) The date Orchid Ltd will be registered from 1.2. Compulsory registration – future turnover (a)
A trader must also register for VAT if taxable supplies will exceed £85,000 during the following
30 days. This is regardless of any taxable supplies preceding this 30 day period. Again the
figure is exclusive of VAT.
(b)
HMRC must be notified by the end of the 30 day period.
(c)
The trader will be registered from the beginning of the 30 day period.
Example 2 Tulip Ltd commenced trading on 1 April 2023, and its forecast income is £90,000 per month. The
company’s sales are all standard rated.
State the date that Tulip Ltd must notify HMRC by and the date from which the company will be registered. £ £ 2022
June
3,900
2023
January
4,800
July
3,800
February
6,000
August
4,300
March
6,100
September
5,100
April
7,900
October
4,700
May
8,200
November
4,700
June
11,800
December
4,900
July
17,500
183
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