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Summary AAT Level 3 - Indirect Tax
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This is a summary document covering all of AAT Level 3's exam, Indirect Tax. It is condensed and clearly written.
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IDRX - Indirect TaxIDRX - Indirect tax
Chapter 1 - Introduction to VAT 3
Basic information 3
Role of a business 3
Chapter 2 - VAT Basics 3
Scope of VAT 3
Compulsory registration 3
Exemptions from compulsory registration 4
Voluntary registration 4
Advantages and disadvantages 4
Deregistration 4
Failing to register 4
Chapter 3 - Inputs and Outputs 4
Calculating VAT 4
Irrecoverable input VAT 5
Private use 5
Partially exempt traders 5
Determining place of supply 5
EU Rules 6
Chapter 4 - Accounting for VAT 6
VAT Records 6
VAT Invoice 6
VAT and discounts 7
Credit notes and debit notes 7
Tax point 7
VAT and bad debts 8
Chapter 5 - The VAT Return 8
The VAT Control Account 8
Irrecoverable debt 9
Bad debt relief 9
VAT Return 9
Submission deadlines 10
Making Tax Digital (MTD) 10
Chapter 6 - VAT Schemes for Small Businesses 10
Standard scheme 10
Cash accounting scheme 10
Annual accounting scheme 11
Flat rate scheme
, IDRX - Indirect Tax
Chapter 7 - Administration 12
Errors 12
Penalties 12
Assessments 12
Fraudulent evasion of VAT 13
Communications 13
Maintaining up-to-date VAT knowledge 13
Changes in VAT legislation 13
Ethics 14
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