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VALUE ADDED TAX, PART 1

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This two-part article is relevant to candidates sitting Paper F6 (UK) in either the June or December 2013 sittings, and is based on tax legislation as it applies to the tax year 201213 (Finance Act 2012).

Paper F6 (UK) will always contain a minimum of 10 marks on value added tax (VAT). These marks will normally be included within question one (focusing on income tax) or question two (focusing on corporation tax), although there might be a separate question on VAT.

Standard rate of VAT The standard rate of VAT is currently 20%.

Example 1 Zoe is in the process of completing her VAT return for the quarter ended 31 March 2013. The following information is available:

Sales invoices totaling 128,000 were issued in respect of standard rated sales.

Standard rated expenses amounted to 24,800.

On 15 February 2013 Gwen purchased machinery at a cost of 24,150. This figure is inclusive of VAT.

Unless stated otherwise all of the above figures are exclusive of VAT.

VAT return  quarter ended 31 March 2013 

 Output VAT

Sales (128,000 x 20%)

25,600

Input VAT

Expenses (24,800 x 20%) 4,960

Machinery (24,150 x 20/120)

4,025

_____

(8,985)



 ______

16,615 ______

VAT registration A business making taxable supplies must register for VAT if during the previous 12 months the value of taxable supplies exceeds 77,000. However, VAT registration is not required if taxable supplies in the following 12 months will not exceed 75,000. These figures are exclusive of VAT. Remember that both standard rated and zero-rated supplies are taxable supplies.

Example 2 Albert commenced trading on 1 January 2012. His sales have been as follows: Standard rated 

Zero- rated  2012

January

3,200

0 February 2,800 0

March

3,300

0 April 5,100 600

May

2,700

0 June 3,700 400

July

3,900

200 August 5,500 100

September

4,300

0 October 12,100 0

November

6,900

700

Standard rated 

Zero- rated  December 8,200 300

2013

January 8,800 900

February

12,500

1,200

Albert will become liable to compulsory VAT registration when his taxable supplies during any 12-month period exceed 77,000.

This will happen on 28 February 2013 when taxable supplies will amount to 81,400 (3,300 + 5,700 + 2,700 + 4,100 + 4,100 + 5,600 + 4,300 + 12,100 + 7,600 + 8,500 + 9,700 + 13,700).

Albert will have to notify HM Revenue & Customs by 30 March 2013, being 30 days after the end of the period.

Registration is required from the end of the month following the month in which the limit is exceeded, so Albert will be registered from 1 April 2013 or from an agreed earlier date.

A business must also register for VAT if there are reasonable grounds to believe that taxable supplies will exceed 77,000 during the following 30 days. Again the figure is exclusive of VAT.

Example 3 Bee commenced trading on 1 October 2012. Her sales have been as follows:

 2012 October 4,600

November

5,400 December 23,900

2013

January

97,700

Beeˇs sales are all standard rated.

On 1 January 2013 Bee realised that her sales for January 2013 were going to exceed 95,000, and therefore immediately registered for VAT.

Businesses must register for VAT if at any time they expect their taxable supplies for the following 30-day period to exceed 77,000.

Bee realised that her taxable supplies for January 2013 were going to be at least 95,000. She was therefore liable to register from 1 January 2013, being the start of the 30-day period.

Bee had to notify HM Revenue & Customs by 30 January 2013, being 30 days from the date that the expectation arose.

It is important that you appreciate the distinction between making standard rated supplies, zero-rated supplies and exempt supplies. Only standard rated supplies and zero-rated supplies are taxable supplies.

Example 4 Cathy will commence trading in the near future. She operates a small aeroplane, and is considering three alternative types of business. These are (1) training, in which case all sales will be standard rated for VAT, (2) transport, in which case all sales will be zero-rated for VAT, and (3) an air ambulance service, in which case all sales will be exempt from VAT.

For each alternative Cathyˇs sales will be 80,000 per month (exclusive of VAT), and standard rated expenses will be 15,000 per month (inclusive of VAT). Standard rated supplies

Cathy will be required to register for VAT as she is making taxable supplies.

Output VAT of 16,000 (80,000 x 20%) per month will be due, and input VAT of 2,500 (15,000 x 20/120) per month will be recoverable.

Zero-rated supplies

Cathy can apply for exemption from registration for VAT since she is making zero-rated supplies, otherwise she should still register as these are taxable supplies.

Output VAT will not be due, but input VAT of 2,500 per month will be recoverable.

Exempt supplies

Cathy will not be required or permitted to register for VAT as she will not be making taxable supplies.

Output VAT will not be due and no input VAT will be recoverable.

Voluntary VAT registration A business may decide to voluntarily register for VAT where taxable supplies are below the 77,000 registration limit, or where it is possible to apply for exemption from registering. This will be beneficial when:

The business makes zero-rated supplies. As seen in Example 4, output VAT will not be due but input VAT will be recoverable.

The business makes supplies to VAT registered customers. Input VAT will be reclaimed, and it should be possible to charge output VAT on top of the

pre-registration selling price. This is because the output VAT will be recoverable by the customers.

However, it will probably not be beneficial to voluntarily register for VAT where customers are members of the general public, since such customers cannot recover the output VAT charged. If selling prices cannot be increased, the output VAT will become an additional cost for the business.

Example 5 Continuing with Example 3, assume that Beeˇs sales are all made to VAT registered businesses, and that input VAT for the period 1 October to 31 December 2012 was 12,400. This input VAT would not be recoverable were Bee to register for VAT on 1 January 2013.

Beeˇs sales are all to VAT registered businesses, so output VAT can be passed on to customers.

Her revenue would therefore not have altered if she had voluntarily registered for VAT on 1 October 2012.

It would therefore have been beneficial for Bee to have voluntarily registered for VAT on 1 October 2012 since additional input VAT of 12,400 would have been recovered.

Whether or not output VAT can be passed on to customers is also an important factor when deciding whether to remain below the VAT registration limit, or whether it is beneficial to accept additional work that results in the limit being exceeded.

Example 6 Danny has been in business for several years. All of his sales are standard rated and are to members of the general public. He is not registered for VAT.

At present, Dannyˇs annual sales are 75,500. He is planning to put up his prices, and this will increase annual sales to 81,000. There is no further scope for any price increases. Dannyˇs standard rated expenses are 12,700 per year (inclusive of VAT).

Prior to putting up his prices, Dannyˇs net profit is 62,800 (75,500  12,700).

If Danny puts up his prices, then he will exceed the VAT registration limit of 77,000, and will have to register for VAT.

Output VAT will have to be absorbed by Danny, as sales are to the general public and there is no further scope for price increases.

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